Inflows and funds under management up for St James's Place, and new mortgage products announced

Hayley Kirton
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Despite an uncertain market, the wealth manager performed strongly, said the chief executive (Source: Getty)

St James's Place revealed what it called a "strong" set of results today, as well as formally announcing the launch of a new mortgage offering.

The wealth manager reported group funds under management of £62bn for the three months ended March 2016, up from £55.8bn the year before, while gross inflows increased to £2.5bn, up from £2.1bn.

"Against a backdrop of continued uncertainty across global stock markets, our business is performing strongly," remarked chief executive David Bellamy.

The company also announced that it was launching an intergenerational mortgage range alongside challenger bank Metro Bank. The new products are specially designed to help clients of St James's assist their children and grandchildren in buying their first homes.

"As the UK demographics change, wealth is increasingly being transferred between generations during lifetimes," said Bellamy.

"While offering such support, families also need to be secure in their own future. The intergenerational mortgage range allows families to contribute to their children’s home-owning ambitions but also enables them to be secure in their own future and plan for the longer term."

St James's Place also formally announced that it has acquired Technical Connection, a technical support firm specialising in the financial services sector.

Shares in the company closed up 0.3 per cent for the day at 918p.

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