St James's Place Q1 net inflows fall 31% year-on-year

FUM up £2.4bn

St James’s Place has recorded a 31% slump in Q1 net inflows year-on-year, with gross inflows down 11% on last year's figures.

Net inflows sank to £2bn compared with Q1 2022's £2.9bn figure, while the wealth management giant posted gross inflows of £4.2bn, down from Q1 2022's £4.7bn. Despite the drop from Q1 2022, funds under management nudged upwards compared to the first three months of last year to £153.6bn - up 1.6% from £151.2bn. Yet the FUM retention rate decreased slightly, falling to 95.9% in Q1 2023 compared to 96.6% in Q1 2022. SJP pre-tax profits up 42% but Consumer Duty changes loom Despite the falls, Andrew Croft, CEO of SJP, said the company had a "good quarter", pointing to its financial ...