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SJP inflows dip but firm continues surge passed £100bn

Net inflows at St James’s Place dipped slightly in the first quarter of 2019, but the wealth manager continues to grow assets beyond the £100bn mark.

Results released this morning show that net inflows for the three months to the end of March were £2.2bn, down from £2.6bn in the same quarter a year earlier.

However, both inflows and positive investment returns have seen the wealth management giant increase funds under management by 8.3 per cent to £103.5bn.

Chief executive Andrew Croft says the latest results show the “resilience” of the SJP business “through the current political and macro-economic uncertainty”.

He adds: “Whilst uncertainty will inevitably impact investor sentiment from time to time, it does not change the long-term needs of individuals.  There remains both a growing market for trusted face-to-face advice in the UK and an advice gap that represents a major opportunity for us.

“Given the scale and quality of the St. James’s Place Partnership we are confident of both the resilience of the business in more difficult times and our ability to continue to grow the business over the medium to long term.”

Of SJP’s £103.5bn, £45bn sits in pensions, £29bn in investments, and £30bn in unit trusts, Isas and discretionary managed portfolios, including £2.5bn from DFM Rowan Dartington in acquired in 2015.

In terms of gross inflows, pensions accounted for £2bn of the £3.6bn for the first quarter.

SJP has kept its asset mix relatively stable since this time last year, but is holding a slightly smaller proportion of portfolios in UK equities and fixed interest in favour of increases in alternative investments.

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. The strong inflows shows that advisers that cannot work with a fee, flock to SJP to benefit from commission in bonds and pensions.

    • There sure are a lot of jealous IFAs out there. They seem to moan about SJP on every single article about them. I don’t see SJP advisers moaning on every article about IFAs, I don’t know why IFAs can’t just ‘live and let live’, life is too short to be moaning all the time.

      • Chris de Luca 1st May 2019 at 2:13 pm

        So what can SJP advisers exactly moan about? The fact that the total charges levied on their clients’ funds escape being brought into the open? Or some of their number repeatedly get away with fudging their professional status in comparison with IFAs? And that they have exclusive access to funds and contracts that are the opposite to market-leading, which can have exit penalties, high charges etc but they sell them anyway rather than direct them elsewhere.

        IFAs are not jealous, they are furious that SJP is allowed to operate such a ‘smoke and mirrors’ operation compared to the hoops we go through.

        • So go and moan to the regulator, do you honestly think that moaning over and over again on every money marketing article will make any difference? It’s just sad and boring.

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