First quarter interim management statement

26% increase in net inflows sees funds under management grow to £45.8 billion.

St. James’s Place plc (SJP), the wealth management group, today issued its interim management statement for three months to 31 March 2014.

Highlights:

• Total new single investments of £1.8 billion (2013: £1.5 billion ) – up 22%
• Continued strong retention of clients’ funds under management – 95%
• Net inflow of funds under management of £1.2 billion (2013: £0.9 billion) – up 26%
• Funds under management of £45.8 billion (2013: £39.0 billion) – up 17% over 12 months and 3.4% since the beginning of the year
• SJP new business on an APE basis of £205.4 million (2013: £170.6 million) – up 20%

David Bellamy, Chief Executive, commented:

“I am very pleased to report another strong quarter of net inflows resulting in our client funds under management increasing by £1.5 billion to £45.8 billion.

Against the strong first quarter comparatives of last year and some volatility in equity markets, our Partners attracted £1.8 billion of new single investments, up 22% on the same period last year. Coupled with strong retention of existing client funds, we are able to report a 26% increase in net inflows of £1.2 billion.

Alongside this positive momentum in new business, we have recently extended our range of fund managers with the additions of Woodford Investment Management, Threadneedle Investments, Wasatch Advisors and Manulife Asset Management to our increasingly broad range of funds and fund managers. The fact that we are able to attract and retain some of the most respected asset managers from around the world is a strong endorsement for our investment proposition. Whilst providing real added value to our UK based clients, it will also underpin our expansion into the Far East expatriate market where we are close to receiving the necessary regulatory approvals to complete the acquisition of the Singapore based Henley Group.

We are also encouraged by the pensions and savings initiatives announced in last month’s budget and fully support any steps that simplify the current regime and encourage savings for the future.

Demand for trusted wealth management advice remains as high as ever which, twinned with good growth in Partner numbers in recent years, means that we are well placed to maintain momentum in our business in line with our medium term growth objectives.”

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View the full press release (PDF).