St James Place delivers 'strong' quarter as net inflows soar

FTSE 250-listed wealth management company St James's Place has delivered another strong period of growth during the first three months of the year.

FTSE 250-listed wealth management company St James's Place has delivered another strong period of growth during the first three months of the year.

The group reported a 39% increase in net inflows during the period, and said funds under management (FuM) increased by £4.2bn to £39bn, up 12% in the year-to-date and 26% over the past 12 months.

Total new investments came to £1.6bn, compared to £1.3bn in the same period in 2012.

David Bellamy, Chief Executive, said: "I am very pleased to be reporting another quarter of strong growth in new investments, which combined with positive equity markets, and specifically the performance of our client funds [...].

"Net inflows for the first three months of the year are up 36% reflecting the consistency of our year on year retention record and the strong new business growth.

"These excellent results were driven by a number of factors including improved investor sentiment, the sustained low interest rate environment, the breadth and quality of our investment proposition, high levels of client satisfaction and the growth in adviser numbers.

"Whilst we face more challenging comparatives later in the year, the above factors together with the continued strong growth in the Partnership and the good momentum we have across all aspects of our business gives us confidence in our ability to deliver future growth."

The group also commented that it has seen a continuation of the improvement in retail investor sentiment that was experienced in the fourth quarter of 2012, and as such was able to continue to attract a strong level of new investments, experiencing as a result strong growth in funds under management.

Total new single investments for the quarter were £1.60bn (2012: 1.26bn), with particularly strong growth in investments, which were up 30% to £531m together with unit trust sales up 51% to £489m.

The share price rose 1.04% to 532.50p by 08:25 Thursday.

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

How the stamp duty holiday is pushing up house prices
Stamp duty

How the stamp duty holiday is pushing up house prices

Stamp duty is an awful tax and should be replaced by something better. But its temporary removal is driving up house prices, says Merryn Somerset Webb…
25 Sep 2020
Can Rishi Sunak’s winter plan save the UK economy?
UK Economy

Can Rishi Sunak’s winter plan save the UK economy?

With his Winter Economic Plan, chancellor Rishi Sunak is hoping to support the economy through the dark months ahead as restrictions tighten again. Jo…
25 Sep 2020
The electric-car bubble could get an awful lot bigger from here
Renewables

The electric-car bubble could get an awful lot bigger from here

The switch to electric cars is driving a huge investment bubble. But that’s not necessarily a bad thing, says John Stepek. Fortunes will be made and l…
24 Sep 2020