St. James’s Place (SJP) has reported net inflows of £2.7bn for the first half of 2026, down from £3.8bn over the same period last year.
Gross inflows of £10.5bn were flat on last year’s number, while there was a slight improvement in funds under management (FUM) retention to 95.4% from 95.3%.
Despite the slip in net flows, FUM reached a record of £240.8bn, up from £220bn at the start of the year.
Adjusted profit before tax was £278.4m, down on £307m in the first half of 2025.
Adviser and client numbers closed the period at 4,951 and 1,064,000 respectively, up from 4,934 advisers and 1,037,000 clients as of 31 December.
Investment returns net of charges represented 16.4% of opening FUM on an annualised basis, versus 4.7% in 2025.
Shares in the wealth manager dipped 1.2% in morning trading following the update to hit 1072p.
Despite the slip in the numbers, brokerage Peel Hunt said SJP had performed in line with expectations and reiterated its Buy rating, with a price target of 2000p.
Peel Hunt said a series of negative headlines relating to adviser departures had ‘weighed on short-term sentiment’, but its analysts believe the market is losing sight of the profit growth, which is what really matters.
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Mark FitzPatrick, SJP chief executive (pictured), said: “I am pleased to report a strong set of results for the first half of 2026. We have delivered good operating and financial performance, continued to grow our client and adviser base, and made further progress against our strategic priorities.
“During the period, our advisers supported clients through a complex and evolving environment,” he added.
“While markets have been supportive, consumers continued to navigate economic uncertainty, impending changes to the retirement savings landscape and evolving financial planning needs.
“Looking forward, we remain confident in the long-term outlook for financial advice, which is under-penetrated in the UK.”
