View more on these topics

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

Bellamy-David-2012-700x450.jpg

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.”

Recommended

Aberdeen Gilbert Martin Gilbert 700x450

Aberdeen on the hunt for buyer

Aberdeen Asset Management has started to sound out potential buyers to turn around outflows and a drop in profitability. The Financial Times reports that Aberdeen founder and chief executive Martin Gilbert had made informal approaches to several rivals over recent months. Gilbert declined to comment, while a spokesperson for Aberdeen denied that anyone has been […]

10

Seal of disapproval: The new rules that treat advisers like banks

Tougher accountability rules for advisers will add “unnecessary” regulatory costs which threaten to thwart efforts to widen access to advice. In a shock move last week, the Treasury announced the senior managers regime will be extended  to all regulated firms at some stage during 2018. The regime passes responsibility for ensuring staff are fit and proper […]

Business-Portfolio-Pen-Paper-Stock-Corporate-480.jpg
4

Standard Life ‘sailing close to wind’ on investment advice

Standard Life has been accused of overstepping the line between advice and guidance in a letter that suggests clients switch to a higher-charging fund. The provider has written to thousands of customers urging them to review whether its Annuity Purchase fund is still suitable for them. The letter says the fund is designed for customers […]

7

Is DWP’s ‘Workie’ really a colossal waste of money?

What is 10 feet tall, has two horns and is covered in multi-coloured fur? Well, if you believe some members of the advice community, the answer is a complete waste of money. It is fair to say the reveal of “Workie” and the Department for Work and Pensions’ new marketing campaign to promote workplace pensions […]

Sub-Saharan Africa Near-Term Outlook

By Paul Caruana-Galizia, Neptune Economist

Sub-Saharan Africa’s economic renaissance continues. After growing at an average rate of five per cent over the past decade, the IMF projects an acceleration to 5.5 per cent growth among Sub-Saharan economies in the next two years, as developed economies emerge from the crisis. We expect this growth to be sustainable for three broad reasons.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Pension freedoms no doubt.

    The freedom for intermediaries and providers to make money.

Leave a comment