TOP NEWS: St James's Place Funds Up Despite Drop In Quarterly Inflows

(Alliance News) - St James's Place PLC on Tuesday reported a rise in closing funds under ...

Alliance News 27 October, 2020 | 9:10AM
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(Alliance News) - St James's Place PLC on Tuesday reported a rise in closing funds under management for the third quarter of 2020; however net inflows were much lower year-on-year.

As at September 30, the FTSE 100 wealth manager had GBP118.70 billion in funds under management, 5.2% higher from GBP112.82 billion on the same date a year before. Over the first nine months of 2020, the figure reflected a 1.5% increase.

Gross inflows however dropped by 18% to GBP3.05 billion in the recent quarter from GBP3.74 billion in the prior-year quarter. As a result, net inflows dropped by 31% to GBP1.44 billion from GBP2.11 billion.

The total net investment return for the quarter was GBP1.58 billion, led by a GBP0.86 billion return for the Pension class and GBP0.41 billion for the Unit Trust, ISA & Discretionary Fund Management class.

St James's Place closed the quarter with GBP55.57 billion in Pension funds, reflecting a 10% rise from the year before. UT, ISA & DFM funds increased by 3.4% to GBP32.95 billion. However, Investment funds dropped by 1.4% year-on-year to GBP30.18 billion.

Over the nine month period, St James's Place recorded GBP5.96 billion in net inflows, but a negative net investment return of GBP4.25 billion.

"I am encouraged that improved levels of activity towards the end of the quarter have continued into October, with activity for the current month at similar levels to the same month last year. Looking ahead, the increased uncertainty linked to Covid-19 will inevitably influence client investment confidence and consequent decision-making," said Chief Executive Andrew Croft.

"However, drawing on the experience of the last six months, I am confident that the Partnership will continue to adapt to whatever circumstances they face in order to establish long-term relationships with new clients through the provision of high-quality advice, and retain clients through maintaining outstanding service," Croft added.

Shares in St James's Place were down 2.8% at 904.00 pence early Tuesday in London.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
St James's Place PLC 1,019.50 GBX -1.16 -

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