St James’s Place today (30 January) reported a 10% jump for 2024 funds under management to £190.21bn, up 12% from £168.20bn at the end of 2023.
SJP’s gross inflows were 18% up during the year to £18.41bn from £15.39bn, while net inflows were down 17% to £4.33bn from £5.12bn.
During the final quarter, funds under management grew 3.1%.
Mark FitzPatrick (pictured), chief executive officer, said: “I am pleased to report a strong final quarter for SJP. Our advisers attracted £5.5 billion of new client investments to the business, continuing the momentum that began to build earlier in the year and bringing our annual gross inflows to £18.4 billion, up 20% on 2023.
“Annual retention of client investments remained high, supporting an improvement in net inflows to £1.5 billion for the final quarter and bringing the total to £4.3 billion for the year. Our investment management approach has continued to work well for our clients, with our portfolios delivering strong returns that compare favourably against peer groups. This, together with another year of net inflows, drove our funds under management (FUM) to £190.2 billion at 31 December 2024; a record for FUM.
“The run up to the Autumn Budget created uncertainty for UK consumers and led to an increase in both gross inflows and outflows in the month of October. Client engagement levels were high throughout the quarter as our advisers provided support, reassurance and invaluable advice that helped clients navigate the uncertainty and safeguard their long-term financial futures.
He further said: “We continue to focus on our three key programmes of work and as we approach the final stages of implementing our simple and comparable charging structure, we remain on track for delivery by the second half of 2025 and in line with our financial guidance. The work to review historic client servicing records and implement our cost and efficiency programme continues to progress as planned.
“SJP has had a successful year. We have increased our client and adviser numbers, sustained net inflows and achieved record FUM. Looking forward, we see a growing need for trusted financial advice, and I am confident in our ability to capture this and deliver great outcomes for clients and all our stakeholders.”
