St. James’s Place spent nearly £22m continuing to upgrade its platform technology in 2017, annual results released today show.
Two-thirds of gross inflows are now being put on the new Bluedoor platform, the firm says, but having transferred over Isa and unit trust business in 2015, a full replatforming will not complete until 2019.
By the end of 2018, SJP is looking to administer two-thirds of its more than £90bn in funds under management on the new platform.
As at the end of 2017, only a third of funds were across, a 5 per cent increase from the end of 2016.
Since pension and drawdown business has yet to be migrated over, SJP notes that “this is likely to result in costs in 2018 being ahead of 2017.”
Final key migrated are currently being planned, the firm says.
In total, the project to move to IFDS technology has cost SJP more than £150m to date.
However, the results also show another strong year of financial performance for SJP. The firm passed 3,600 advisers, generated £9.5bn in gross inflows and paid more than £20m towards the Financial Services Compensation Scheme on post-tax profits of more than £145m.
SJP is targeting 20 per cent annual growth in gross inflows over the medium term.
The firm added that while it retains a “cautious” view over defined benefit pension transfers, it expects interest from clients to increase this year.
Chief executive Andrew Croft says: “Demand for trusted, personal face-to-face advice has never been greater. With our focus on developing long-term relationships that span client generations, our advisers can provide a level of tailored and expert advice that clients truly value. Allied with our distinct investment management approach that offers clients access to best-in-class fund managers from around the world, we have a clear and compelling client proposition that I believe stands SJP in great stead to capture the market opportunities ahead.”