Cirencester-based St James's Place has reported record net inflows in the first quarter of this year.

 The wealth management firm had net inflows of £2.91 billion for the three months ended March 31 with funds under management of £151.25 billion compared to £135.46 billion in the first quarter of last year.

Andrew Croft, chief executive officer at St James's Place said: "I am pleased to report another strong quarter for St. James's Place that maintains the momentum developed during 2021.

"Whilst the landscape was significantly impacted by the tragic events in Ukraine since February, we continued to see high levels of activity throughout the period as advisers and clients sought ways of mitigating the risks posed to long-term financial planning by higher inflation and macroeconomic and geopolitical uncertainty. This highlights the ongoing resilience of our business model.

"Our gross and net inflows of £4.73 billion and £2.91 billion respectively were broadly in line with the first quarter of 2021, which was an exceptionally strong period for gross inflows as sentiment improved markedly following the start of the COVID-19 vaccine rollout in the UK.

"Retention of client investments continued to hold at a very strong level and this, coupled with our strong inflows, resulted in annualised net inflows as a percentage of opening funds under management of 7.6 per cent (2021: 9.0 per cent). This was moderated by negative investment market returns in the period, which took funds under management to £151.25 billion at 31 March 2022."

Mr Croft added: "Our results for the first quarter of 2022 are a credit to everyone in the SJP community and in particular to the partnership who provide much-needed support for clients seeking to navigate the impact that complexity and uncertainty can have on their long-term financial well-being.

"Our performance so far this year means that we remain comfortable with consensus expectations for new business growth in 2022 and are confident of delivering on the broader ambitions of our 2025 plan."