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Gloucestershire Business News

St James’s Place announces announces new business update

Cirencester-based St James's Place has today (January 30) announced a successful 2024.

Advisers attracted £5.5 billion of new client investments to the business, continuing the momentum that began to build earlier in the year and bringing annual gross inflows for the year ending December 31 to £18.4 billion, up 20% on 2023.

Mark FitzPatrick, chief executive officer, said: "I am pleased to report a strong final quarter for SJP. Annual retention of client investments remained high, supporting an improvement in net inflows to £1.5 billion for the final quarter and bringing the total to £4.3 billion for the year.

"Our investment management approach has continued to work well for our clients, with our portfolios delivering strong returns that compare favourably against peer groups. This, together with another year of net inflows, drove our funds under management (FUM) to £190.2 billion at December 31, 2024; a record for FUM.

"The run-up to the Autumn Budget created uncertainty for UK consumers and led to an increase in both gross inflows and outflows in the month of October. Client engagement levels were high throughout the quarter, as our advisers provided support, reassurance and invaluable advice that helped clients navigate the uncertainty and safeguard their long-term financial futures."

The business continues to focus on its three key programmes of work. As it approaches the final stages of implementing its 'simple and comparable charging structure', SJP said it remains on track for delivery by the second half of 2025 and in line with its financial guidance.

The work to review historic client servicing records and implement its cost and efficiency programme continues to progress as planned.

Mark FitzPatrick concluded: "SJP has had a successful year. We have increased our client and adviser numbers, sustained net inflows and achieved record FUM. Looking forward, we see a growing need for trusted financial advice, and I am confident in our ability to capture this and deliver great outcomes for clients and all our stakeholders."

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