Wealth management group St James’s Place’s share price jumped three per cent this morning as it reported “business as usual” despite political uncertainty in the third quarter.
The company reported gross inflows of funds under management (FUM) of £2.8bn, up from £2.3bn in the same period last year.
With “continued strong retention of client funds” – net FUM inflow came in at £1.7bn, up from £1.5bn – the group’s total FUM were £71.4bn, up from £54.4bn.
The group’s share price, which plummeted 16 per cent from 924p to 774p immediately after the EU referendum, was up three per cent to 977p at 8.30am on Tuesday.
25 October 2016 @ 8:15amSt James's Place (STJ)
Why it’s interesting
While many companies have blamed poor performances on the Brexit vote in recent months, St James’s Place shrugged its shoulders.
“The third quarter fell between two political turning points in the UK: the EU referendum result announced on 24 June and Theresa May’s first Brexit planning speech on 3 October,” said chief executive David Bellamy.
Read more: St James's Place goes with the flow
“However, despite the backdrop of political uncertainty, it’s been very much business as usual and we've maintained good momentum in the business since the half year, with new investments in the most recent three months 21 per cent higher at £2.8bn.”
What the company said
These results and continued resilience of our business give us further confidence that, through the outstanding job our partners do in managing their clients’ financial affairs and our distinctive approach to the management of their wealth, we can continue to grow our business in line with our objectives in the final quarter of 2016 and beyond.