SJP assets hit £55bn as net pension inflows rise 44%

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St James’s Place saw total assets under management hit £54.5bn at the end of the third quarter as more than £620m of new pension money flowed to the wealth manager.

The firm’s third quarter update, published this morning, reveals gross inflows of funds under management were £2.32bn in the three months to 30 September, up 20 per cent compared with the £1.94bn of inflows recorded in the same period last year.

Over the first nine months of 2015 gross inflows increased 16 per cent, from £5.78bn in 2014 to £6.72bn this year.

Net inflows have also surged year-on-year. Over the quarter net inflows were up 17 per cent, from £1.26bn to £1.48bn, while in the nine months to September net inflows rose 12 per cent, from £3.7bn to £4.15bn.

Pensions attracted £620m of net inflows during the quarter, up 44 per cent year-on-year from £430m. Net inflows to unit trusts and Isas rose marginally, from £520m to £530m, while investments attracted £330m of net inflows during the period compared with £310m in Q3 2014.

SJP chief executive David Bellamy says: “Following the implementation of arguably the biggest changes to retirement options in a generation, our partners have understandably been particularly active in helping clients to fully understand the more flexible, often complex, options available in respect of their retirement funds so that they may decide which best suits their immediate and future financial objectives.

“These results, alongside the very pleasing level of recruitment activity and interest in our academy, demonstrate the very positive momentum in the business.

“We remain focused on achieving the best possible outcomes for our clients, through the provision of sound personal advice, a reliable ongoing service and our distinctive approach to the management of their wealth and are confident that we will continue to grow our business in line with our objectives, in 2015 and beyond.”