St James’ Place’s funds under management have passed the £85bn mark as the firm boasts “continued strong retention of client funds”.
In a trading update this morning, the firm says funds under management have risen 14 per cent since the start of the year to reach £85.7bn, with net inflows of £6.7bn in 2017 to date.
The firm puts part of this down to a 95 per cent retention rate for client funds.
SJP exit charges can be up to 6 per cent, but the firm argues these sit outside FCA charge cap rules because they are based on investment duration and not in reference to retirement age.
SJP chief executive David Bellamy says: “Whilst political and macro uncertainties persist, we are confident in the scale and quality of our relationship-based approach to the management of our clients’ financial affairs. This, together with the breadth of our investment management proposition, means we are well placed to meet the growing need for trusted advice and our medium term growth objectives.”
Bellamy is set to leave the firm at the end of the year to be succeeded by chief financial officer Andrew Croft.