St James’ Place’s funds under management have passed £75 billion as the national advice giant reports a 28 per cent increase in assets for 2016.
In its final quarter results published today, SJP says funds under management are now at £75.3 billion after benefiting from gross fund inflows of £3.3bn in the three months to December, up nearly a third on the previous quarter.
In total over 2016, gross inflows came in at £11.4bn, 23 per cent higher than the previous year, with net inflows of £6.8bn also 17 per cent higher than 2015.
Over 2016, SJP bolstered its adviser numbers by 10 per cent, with 3,415 qualified advisers now with the firm.
SJP said that through the final quarter of the year it continued a “strong retention” of client funds of 95 per cent.
Chief executive David Bellamy says: “Alongside these fund flows, we’ve continued to expand our capacity to attract new clients and build upon our existing client relationships, both in the UK and in Asia, and this bodes well for our future growth.
“These results and the continued resilience of our business reinforce our confidence in our strategy and the outstanding job our advisers do in managing their clients’ financial affairs and the benefits of our distinctive investment management approach.”
SJP has recently come under criticism for its charges and exit fees, with one adviser recently pledging to offer a free review to any SJP clients over cost and suitability concerns.