Wealth management company St James's Place have reported an 8.3 per cent rise in funds under its management, meaning they now look after a record fund of £103.5 billion.

St James's Place Plc, who employ more than 1,000 people across two sites in Gloucestershire posted their results for the first three months of the year to the London Stock Exchange this morning.

The company, who provide face-to-face financial advice to wealthy individuals, recorded net inflows of £2.18billion in the three months to March 31.

The total figures under management grew year-on-year from £89.91billion for the first three years of 2018.

Chief executive Andrew Croft said: "We have experienced a good start to the year, attracting £3.61 billion of gross inflows which, together with continued strong retention, has resulted in net inflows for the quarter of £2.18 billion - equating to 2.3 per cent of opening funds under management (9.1 per cent on an annualised basis).

"This performance demonstrates the resilience of our business through the current political and macro-economic uncertainty."

The total figures under management grew year-on-year from £89.91billion for the first three years of 2018.

St James's Place recorded profits of £211million for the 2018 financial year, a 14 per cent increase in profits, thanks to £10.3 billion of inflows.

And while inflows were down on year-on-year from £2.6billion to £2.18billion, Mr Crofts said that the company's reputation for solid financial advice was key to their outlook.

He added: "These net inflows, coupled with positive investment returns, have resulted in an 8.3 per cent increase in Funds under Management to a record £103.5 billion at the end of March.

"Whilst uncertainty will inevitably impact investor sentiment from time to time, it does not change the long-term needs of individuals.

"There remains both a growing market for trusted face-to-face advice in the UK and an advice gap that represents a major opportunity for us.

"Given the scale and quality of the St. James's Place Partnership we are confident of both the resilience of the business in more difficult times and our ability to continue to grow the business over the medium to long term."