St James’s Place has reported a 9 per cent increase in funds under management for the first three months of the year, from £28.5bn to £31bn.
SJP’s Q1 results released today show net inflow of funds under management has dropped 9 per cent from £770m to £700m. SJP says it continues to retain 95 per cent of existing client’s funds.
Total single investments dipped 2 per cent from £1.29bn to £1.26bn while total pension single investment business jumped 27 per cent from £410m to £522m.
Total new business has fallen by 3 per cent to £152.6m, compared to £156.7m for the same period last year.
On an annual premium equivalent basis new investment business fell 16 per cent from £87.8m to £73.4m, which SJP says reflects a more cautious appetite among retail investors. Pensions business was up 15 per cent from £64.3m to £74.2m.
SJP chief executive David Bellamy (pictured) says: “ Retail investors are naturally sensitive to continued market uncertainty and consequently remain relatively cautious in their appetite for investment.
“Nevertheless, we are confident about the strength, resilience and predictability of new business flows delivered by our distinct model and encouraged by recent trends in both new business and recruitment activity.”