SJP reports £9bn inflows in 'challenging' year for UK wealth managers

Lower than in 2018

St James's Place has reported £9bn of net inflows in a “challenging” year for the UK wealth management sector, but this came in lower than the £10.3bn the business took in last year.

The inflows, as well as positive market movements, contributed to a 22% increase in funds under management to a record £117bn as of 31 December 2019. However, more modest inflows and higher costs of investment in the business have hit profits for the year, with IFRS profit before shareholder tax coming in at £187.1m versus £211.9m in 2018. Andrew Croft, CEO of SJP, said: "Last year was challenging for the UK wealth management sector with investor sentiment being impacted by uncertain macro-economic indicators, the US/China trade dispute, and the domestic political environment. "The...