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SJP passes £100bn funds under management

tracker fundsSt James’s Place has passed the £100bn funds under management mark after reporting another quarter of positive flows.

Net inflows for the nine months ended 30 September were £7.7bn, up 15 per cent, with overall funds under management up 11 per cent since the beginning of the year to reach £100.6bn.

SJP says it continues to retain 96 per cent of client funds.

Chief executive Andrew Croft says that the “strength and professionalism” and “breadth of client proposition” of SJP gives it an advantage over its peers.

He says: “We have delivered this continued growth despite both tough comparatives and a more challenging environment for the industry, once again demonstrating our resilience in these market conditions.

“There remains growing demand for high-quality financial advice, notwithstanding the current macro and geo-political uncertainty.”

The results show SJP has decreased the proportion of assets it holds in UK equities from 22 per cent to 19 per cent, and in European equities from 12 per cent to 10 per cent.

It has increased its holdings in alternatives from 3 per cent to five per cent, and in fixed interest from 17 per cent to 19 per cent.

£42bn of SJP funds are currently pension wrapped, with £29bn sitting in investments, and another £29bn sitting across its unit trust, Isa and discretionary managed portfolios.

In its current replatforming, SJP chose to migrate its Isa and unit trust business first, with drawdown clients moving earlier this year, and pre-retirement pension clients currently undergoing the switch during a 10-day blackout ending 29 October.

In the most recent quarter, £2.3bn of SJP’s £3.8bn of inflows came into pensions products.

At 8.45am, SJP share were down 3.5 per cent on their opening.

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