2024 in review

I am pleased to report a strong year for the Group, once again demonstrating the power and quality of our advice-led model and the value that over one million clients place in the trusted relationships they enjoy with our advisers.

Operating performance

2024 presented a mixed environment for UK consumers, which meant that consumer confidence remained fragile.

Against this backdrop, and in a year which in many ways was challenging for the business, we are very pleased with our business and financial performance. Gross inflows for 2024 were £18.4 billion, up 20% on 2023, with momentum building during the year. Retention of client funds under management (FUM) remained strong at 94.5%, resulting in net inflows of £4.3 billion, representing 2.6% of opening FUM.

Investment performance

Our investment management approach (IMA) continued to perform well for clients, with our portfolios delivering strong returns that compared favourably against peer groups, supporting great outcomes for our clients. Our net investment performance for 2024 represented over 10% of opening FUM, and it’s important to remember that this is after all charges including advice.

Our Polaris multi-asset fund range continued to be very successful; it has grown to be the largest retail multi-asset range in the UK less than two years after it was launched, with over £60 billion invested across the four risk-rated solutions at 31 December 2024.

In line with our shareholder returns guidance, for 2024 we declared returns totalling 50% of the Underlying cash result. This comprised 18 pence per share in dividends for the year, and £125.5 million of share buy-backs.

To read the full version or specific sections of the Annual Report and Accounts 2024, download the following PDFs: