Increased savings rates and improving consumer confidence swelled inflows into wealth manager St. James’s Place over the last quarter.
The FTSE 100 listed firm registered a more than £1bn uptick in net inflows in the third quarter compared to the same period last year.
Net inflows, which tracks the amount of money flowing into and staying on St. James’s Place books, reached £2.59bn in the third quarter, swelling total funds under management to nearly £150bn.
Andrew Croft, chief executive of St. James’s Place, said: “Increased personal savings and improving consumer confidence have provided a favorable market backdrop and this, together with the great work our advisers do in supporting clients with their long-term financial planning, has driven gross inflows of £4.32 billion for the quarter.”
“There remains uncertainty around the near-term economic and investment market outlook, but our business is in great shape and we now anticipate the rate of gross inflow growth for the second half to be modestly ahead of our previous guidance issued in late July.”