FUM down at St James's Place

Wealth management group St James's Place saw its share price take a dip after its funds under management was down over the three months ended 30 September.

The firm said that the fall in global stock markets seen during the quarter (FTSE 100 down around 14%) was the main reason why funds under management (FUM) fell by 8% to £26.7bn. Nevertheless, there were positive net inflows of £800m during the period, 14% higher than last year.

Chief executive David Bellamy said: "I am pleased to report another very robust set of new business figures for the third quarter. The £1.3bn of new investments brings the nine month's gross inflows to £4bn, up 14% on the same period last year.

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"The extremely volatile markets and uncertainty that has prevailed in recent weeks inevitably affect the timing of clients' investment decisions, and we are not immune from that. While mindful of the short term challenges, our business is in great shape and we remain confident about continuing to deliver on our ambitious growth targets over the medium term."

The share price fell 4.61% to 327.3p by 13:30.

NR