Funds under management at St James's Place hit a record high in the third quarter of the year.

The Cirencester-based wealth management group was holding £118.7billion in the three months to September after what chief executive Andrew Croft described as a period of "robust performance."

That figure was up from £112.8billion for the same period last year, a rise of 1.5 per cent.

Mr Croft said: "This performance highlights the strength and resilience of our business in these more difficult times.

"Amid a challenging external environment our advisers, their staff and our entire community have continued to demonstrate exceptional flexibility during the period, building and maintaining close relationships with clients and each other."

The figures released today show gross inflows for the quarter were just over £3billion - down from £3.7billion a year ago - taking the total for the year to £10.3billion.

Net inflows stood at £1.44billion, down from £2.1billion 12 months ago, with the total for the year rising to £6billion.

"I am encouraged that improved levels of activity towards the end of the quarter have continued into October, with activity for the current month at similar levels to the same month last year," said Mr Croft.

"Looking ahead, the increased uncertainty linked to Covid-19 will inevitably influence client investment confidence and consequent decision-making.

"Drawing on the experience of the last six months, I am confident the partnership will continue to adapt to whatever circumstances they face in order to establish long-term relationships with new clients through the provision of high-quality advice, and retain clients through maintaining outstanding service."

He continued: "Our confidence in the medium to long-term outlook for our business remains unchanged.

"We see an increasing demand for sound, highly personal financial planning advice and, through the comprehensive geographic reach and quality of the partnership, we remain extremely well positioned to meet this opportunity and drive further growth over time."