The figures on this page reflect St. James’s Place Half Year Results for the six months ended 30 June 2025.
Operating highlights
Financial highlights
Other highlights
- Continued growth in client numbers and adviser headcount
- Investment returns, net of all charges, represented 4.7% of opening funds under management (annualised)
Mark FitzPatrick, Chief Executive Officer
“I am pleased to report strong operating and financial performance in the first half of 2025. During the period our highly qualified, professional advisers helped over one million clients to navigate a complex macroeconomic environment, ensuring clients’ financial plans remain on track for the future. This resulted in gross inflows of £10.5 billion, up 23% on the first half of 2024. Retention of client funds under management (FUM) remained high, leading to net inflows of £3.8 billion - double the net inflows we saw in the first half of 2024. This, together with positive investment performance for clients, drove FUM to a record £198.5 billion, underpinning a strong Underlying cash result of £240.4 million.
Beyond new business, the first half was a busy period of heavy lifting as we progressed in delivering our key programmes of work. We expect our new simple, comparable charging structure to be in place from 26 August 2025, and we look forward to achieving this important milestone. Meanwhile, our cost and efficiency programme is proceeding as expected and we are confident in delivering against our plan to take around £100 million out of our addressable cost base by 2027. Finally, our programme to review historic client servicing records is progressing. Following the FCA’s new industry guidance around ongoing financial advice services, issued in February 2025, we have revised our redress methodology to better align it with both the new industry guidance and our experience from the project to date.
This revised redress methodology has led to an £84.5 million release in the Ongoing Service Evidence provision. After tax this release equates to £63.4 million, which we will be returning to shareholders in full through a share buy-back.
Alongside delivering our key programmes, we have progressed with our strategic priority to broaden our investment shelf for clients. Our investment team has worked hard developing Polaris Multi-Index, a new range of multi-asset funds, which we hope to launch in late 2025 subject to regulatory approval.
The strategic progress we are making will strengthen our business for the future, ensuring we are best placed to continue to capitalise on the compelling market opportunity in UK wealth management. The demand and need for financial advice are high and here to stay. We have more than one million clients already securing their long-term financial futures through the power of invaluable advice, and we are driven by our desire to help more people achieve this. I see an exciting future with SJP as the clear home of trusted financial advice in the UK, delivering great outcomes for clients and all our other stakeholders.”
Shareholder returns
For 2025 and 2026, the Board expects that annual shareholder returns will be set at 50% of the full year Underlying cash result. This will comprise 18.00 pence per share in annual dividends declared with the balance returned through share buy-backs.
For the first half of 2025, the Board has declared an interim dividend of 6.00 pence per share, together with an interim share buy-back of £32.1 million. In addition to this interim share buy-back, we will be buying back £63.4 million of shares as we return the post-tax amount released from our Ongoing Service Evidence provision to shareholders. Together, this means the total buy-back, which we will commence in August, will be for £95.5 million*.
*Includes £32.1 million interim buy-back and £63.4 million attributable to Ongoing Service Evidence provision release.
Director - Investor Relations
Hugh Taylor
Tel: 07818 075143
Director – Communications
Angela Warburton
Tel: 07442 479542
Data correct as at 30 June 2025.
Please note that this presentation was aimed at Analysts and Professional Investors only.
Where information on fund performance has been referred to, please note that past performance is not indicative of future performance. The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.