Wealth manager St James's Place (SJP) was feeling flush this morning, as it announced gross inflows of funds under management of £3.59bn for the third quarter.
SJP's gross inflows were 28 per cent higher year-on-year – but net inflows cut an even more impressive figure, rising 42 per cent to £2.4bn.
The firm continued to retain 95 per cent of client funds, and group funds under management now stand at £86bn.
This is a 14 per cent rise since the beginning of the year, and a 20 per cent rise over the last 12 months.
Why it's interesting
Year-to-date, net inflows at SJP are up 41 per cent to £6.7bn. Wealth managers such as SJP have had a strong 2017, as more and more high-net-worth individuals are looking to put their money to work in a low interest rate environment cut by political uncertainty.
SJP has recently been looking to draw in more money by launching new funds, such as the Japan fund managed by Nippon Value Investors. A new Global Growth fund is soon to be added, comprising the investment strategies of current managers Magellan, EdgePoint, Sands Capital and Select Equity Group.
SJP will also be adding a Strategic Growth portfolio to its range of Growth and Income portfolios.
What SJP said
“The globally diverse range of funds and portfolios we offer continues to serve our clients well. As well as maintaining our current investment offering, we strive continually to offer appropriate breadth of choice and a diversified range of funds to meet their long-term investment objectives,” said SJP's chief executive David Bellamy.
Looking ahead, whilst political and macro uncertainties persist, we are confident in the scale and quality of our relationship-based approach to the management of our clients' financial affairs.