Cirencester-based wealth management company St James's Place is looking to save £100 million a year by 2027.

But SJP says it is "in good shape" after releasing its half-year results.

In the six months ended June 2024, the firm saw gross inflows of £8.5 billion (2023: £8.0 billion) and net inflows of £1.9 billion (2023: £3.4 billion).

SJP achieved record funds under management of £181.9 billion (December 31, 2023: £168.2 billion) and a net 3% increase in client base to 988,000 (December 31, 2023: 958,000)

SJP said it would cut costs by £80 million by 2026 and aim to trim its overall costs by £100 million a year by 2027.

The firm's shares jumped as much as 25% in early trade to hit their highest in seven months and were up 20% by 0800 GMT, though they remain about 60% down on their January 2022 peak.

Mark FitzPatrick, chief executive officer, said: "I am encouraged to report robust business performance for the first half of 2024 across each of our key operating and financial metrics, demonstrating the continued resilience of our business model even as we work to address the past challenges that I set out earlier in the year.

"We have seen high levels of activity and engagement between our advisers and our clients, contributing to positive flows. Helped by strong investment returns for our clients, we have achieved record funds under management, delivered a good outturn for the cash result, and grown the partnership and our client base. It's evident that we remain in good shape."

Mr FitzPatrick added: "The first half has seen us make progress against our significant programmes of work to simplify our charging structure and review historic client servicing records. We are on track to deliver our new charging structure in the second half of 2025, in line with previous guidance.

"The focus of our review of historic client servicing records has been on building and readying the infrastructure that is necessary to analyse significant amounts of servicing records efficiently and accurately. We remain comfortable that the provision we have set up to cover the costs of this exercise is appropriate.

"Beyond our operating and financial performance, we have performed a thorough review of the business and the markets in which we operate. Ultimately, this work has reinforced our conviction that SJP continues to be a very strong business, with a fantastic opportunity ahead.

"We must though acknowledge that for all our qualities as a business, we have a lot of hard work ahead of us over the next 24 months to strengthen our core and execute our existing programmes of work, helping us to become a more efficient and effective business. From a strong base, we can capture the structural market opportunities ahead of us and drive growth over the long-term."