Third quarter new business inflows and funds under management update

St. James’s Place plc (‘SJP’) today issues an update on new business inflows and funds under management for the three months ended 30 September 2023.

¹ Throughout this press release our retention rate is calculated as annualised surrenders and part-surrenders, divided by average funds under management. It excludes regular income withdrawals and maturities.

Andrew Croft, Chief Executive Officer, commented:

“I am pleased to announce another robust quarter for St. James’s Place, with our advisers attracting £3.7 billion of new client investments to the business, while annualised retention rates remain strong at 95.3% for the year-to-date.

The demand for trusted, face-to-face financial advice remains as strong as ever, but client capacity and confidence to commit to long-term investment continues to be impacted by an environment characterised by higher interest rates, stubbornly high inflation and short-term alternatives in the form of cash.

Despite the challenging operating environment, we continue to generate significant levels of net inflows, once again demonstrating the ongoing resilience of our business model.

Looking forward, we are beginning to see signs that inflation is moderating and that the current cycle of interest rate increases may be reaching a peak, bringing some optimism that this will ease the pressure on clients and will, in due course, provide for a more favourable operating environment over time.

As a long-term business, we remain committed to delivering strong client outcomes, and working towards our 2025 ambitions.”

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