Cirencester's St James's Place managing more funds
By Rob Freeman | 27th May 2020
St James's Place chief executive Andrew Croft said he was encouraged by the wealth management group's performance through the coronavirus pandemic.
But he admitted the long and short-term impact of the crisis remains unclear.
The Cirencester-based firm's latest results show a rise in funds under management up to April 30 to £108.8billion, compared with £107.2billion a year ago.
Net inflows rose slightly during April from £800million to £811million, but gross inflows fell 13 per cent to £1.17billion.
In the four months up to April 30, gross inflows rose five per cent to £5.2billion with net inflows growing by 6.7 per cent to almost £3.2billion.
Mr Croft said: "We are encouraged by the robust gross and net inflows we have continued to experience during May, though the short to medium-term impact of government measures and economic volatility on our flows remains uncertain.
"Following record first quarter new business, we have naturally seen a reduction in new investments as the COVID-19 crisis developed.
"In light of the need to observe social distancing, the Partnership has quickly adapted to managing client relationships virtually and April gross inflows were robust, albeit 13% lower than the same month last year."
He continued: "Retention of client investments was particularly strong during the month and as a result, April net inflows were one per cent higher than a year ago."
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