Funds under management at St James’s Place have reached a record high and strong inflows in the first quarter it said this morning, as government spending and Covvid-19 vaccination drives positive investor sentiment.
Funds under management jumped to £135bn at the end of March, surpassing the previous record of £129bn it touched in 2020.
Net inflows were at £2.9bn, compared with £2.4bn a year earlier.
“The moderate growth in new business that we saw in the early weeks of 2021 gathered pace through the quarter as confidence improved and clients sought to commit accumulated savings to longer-term investments,” boss Andrew Croft said.
SJP, which has 22 offices across the UK and premises in Hong Kong, Singapore, Shanghai and Dublin, said the demand for trusted advice was “stronger than ever”, even as pandemic restrictions and economic uncertainty remain.
The wealth manager has seen higher demand for its services as more investors sought financial and retirement advice through the most recent quarters of the pandemic, a turnaround from panic fund withdrawals at the start of the outbreak this time last year.