The impact of weaker markets saw funds under management at St James’s Place drop in the first quarter of the year, when compared to its Q4 2017 result.
In an update this morning, SJP says funds under management at 31 March 2018 were £89.9bn, down from £90.8bn in the previous quarter.
On a year-on-year basis, funds under management increased 13 per cent from £79.4bn in the first quarter of 2017.
SJP chief executive Andrew Croft says: “Weaker investment markets resulted in funds under management closing at £89.91bn, marginally lower over the three months but still up strongly over the past year.”
Net inflow of funds for the quarter was £2.6bn, up from £2bn in the first quarter of last year.
The company saw a 96 per cent retention rate of client funds.
Croft says: “We continue to see a growing market for trusted face-to-face financial advice and believe St James’s Place remains ideally placed to meet this need.
“This growing market, together with the strong start we have made to 2018, reinforces our confidence in our ability to achieve our stated objective of 15 to 20 per cent growth in gross inflows during 2018 and beyond.”