Positive net inflows helped St James's Place increase its year-on-year funds under management in May.

The Cirencester-based wealth management company saw its funds under management reach £112.58billion - up from £105.83billion from 12 months earlier,

While net inflows across the month fell from £730million to £670million, the figure for the five months to May 31 rose from £3.71billion to £3.85billion.

Chief executive Andrew Croft said: "Despite the continuing challenges presented by COVID-19, gross flows in May were robust.

"Retention of existing client investments remains particularly strong.

"Funds under management benefited from both these positive net inflows and the continuing recovery of world stock markets."

He continued: "We remain encouraged by the inflows we are continuing to experience and expect June gross inflows to be similar to May, though the short to medium-term impact of COVID-19 and economic volatility on our flows remains uncertain."