St James’s Place AUM up 25% from 2020

St James’s Place has reported a 25% hike as its assets under management hit £148 billion in the third quarter of 2021, compared to £118.7 billion in 2020.

The wealth manager also reported net inflows of £2.5 billion in the third quarter of 2021, up from £1.4 billion for the same period the previous year.

Andrew Croft, chief executive at St James’s Place, said: “Increased personal savings and improving consumer confidence have provided a favourable market backdrop and this, together with the great work our advisers do in supporting clients with their long-term financial planning, has driven gross inflows of £4.32 billion for the quarter, up strongly against a soft comparator in 2020.

“Retention has remained robust, underpinning net inflows of £2.59 billion for the period, and contributing to funds under management closing at £148.06 billion, up 14% year to-date.”

Croft said he expected the rate of gross inflow growth for the second half to be “modestly ahead” of its previous guidance, which was issued in late July. 

“We expect growth in gross inflows for the full year to be around 25%. Beyond 2021, it is natural that we will see variations in the pattern of new business growth we achieve over time, but our performance this year gives us every confidence in the 2025 ambitions we set out for St. James’s Place earlier this year,” he added.

In July, the wealth management group announced its half year results for the year which saw gross inflows of £9.2 billion, up from £7.3 billion in 2020, as well as net inflows of £5.5 billion which represented 8.6% of opening FUM.

Elsewhere in the firm, St James’s Place called for “urgent reform” in the social care sector in July. The firm’s Social Care Report – Tackling the UK’s Deepening Social Care Problem report outlined ideas to address the estimated £8 billion a year funding gap for social care.

The report stemmed from client needs as 25% of the firm’s clients are 75 or over. Tony Müdd, author of the report said many client experiences in the current system was “inadequate, complex and unsustainable”.

© 2021 funds europe

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