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.