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Gloucestershire Business News

Firm adds more than £2.5blln to its books – in one quarter

Business-watchers will have an inkling which firm we are talking about when we say a Gloucestershire business has added £2.6 billion to its balance sheet in a single quarter.

Not many firms deal with that kind of money on a regular basis, apart from a certain wealth management firm headquartered in the Cotswolds.

Cirencester-based wealth management firm St James's Place has just revealed figures for its fourth quarter - and the 12 months until December 31 last year.

Gross inflows of funds were up eight per cent to £15.7 billion and gross funds under management were up five per cent to £95.6 billion. It was, according to the FTSE firm, a year of "difficult trading conditions".

Andrew Croft, chief executive, said: "Against the particularly difficult market conditions that prevailed in the final quarter and compared to an exceptional outcome in 2017, I am pleased to report another good set of results that demonstrate the resilience of our business.

"However, our clients and advisers are not immune to such external market factors and, whilst the quarter began strongly, inflows weakened in the final two months resulting in gross inflows for the fourth quarter of £3.95 billion.

"This was a robust performance, though slightly lower than our record fourth quarter last year, and resulted in full-year gross inflows of £15.7 billion, which represents growth of eight per cent over 2017.

"The continued strength in retention of clients and their investments resulted in net inflows of £2.6 billion in the final quarter and £10.3 billion for the year, an increase of eight per cent over the previous 12 months and equivalent to 11 per cent of opening funds under management.

"Total funds under management were negatively impacted by lower global investment markets, closing the period at £95.6 billion, up five per cent since the beginning of the year."

Its number of qualified advisers rose eight per cent to 3,954.

All of which, said the business, underpinned its continued "growth aspirations".

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