Cirencester-based wealth management company St James's Place has issued its results for 2022.

The company attracted just over £17 billion of new client investment during the year ended December 31, though the figure was down from £18.20 billion in 2021.

Andrew Croft, chief executive officer, said: "I am pleased to report that our advisers attracted £3.87 billion of new client investments during the final quarter, rounding out another successful year for St. James's Place with gross inflows for the full year totalling £17.03 billion.

"Retention of client investments remains very high, reflecting not only their long-term nature, but also the steadying hand of our advisers in difficult markets. This, together with new client investments, resulted in net inflows of £2.05 billion for the quarter and £9.78 billion for the year, or 6.4% of opening funds under management.

"Despite significant macroeconomic challenges, which deepened as the year progressed, 2022 marks the second-best year for new business flows in St. James's Place's history. This strong outcome is testament to the hard work of everyone in our community and to the enduring resilience of our business, no matter the environment.

Mr Croft added: "2023 has started in much the same way that 2022 ended but it is encouraging to see more recent positive indicators that UK inflation may have peaked, together with some evidence that currency and investment markets are more stable.

"A sustained recovery in macroeconomic indicators would naturally be conducive towards improving consumer sentiment, activity levels and, of course, funds under management, as 2023 unfolds.

"Longer term, the demand for trusted, face-to-face advice is only getting stronger, so with a growing partnership and a business in great shape, we continue to be well positioned to capitalise on our market opportunity and deliver against our 2025 ambitions."

St James's Place featured at number 8 in Punchline's recent list of Gloucestershire's Top 100 Biggest Employers with 1,142 employees.