St James's Place funds under management up 28% in Q4

26th Jan 2017 08:12

(ShareCast News) - FTSE 100 wealth manager St James's Place posted a rise in fourth-quarter funds under management on the back of record net inflows.In the three months to the end of December, group funds under management were up 28% on the year to £75.3bn. Net inflows for the period were up 26% in the quarter to £2.1bn and 17% higher for the year at £6.8bn.The gross inflow of funds was £3.3bn, up 30% in the quarter and taking the total for the year to £11.4bn, up 23%.In addition, the company said it saw strong client retention of 95%, while the number of qualified advisers grew 10% for the year to 3,415.Chief executive David Bellamy said: "I am delighted to announce that the momentum we reported in October continued into the final quarter. We achieved record flows which, together with characteristically high retention of clients and the strong investment returns they enjoyed, lifted funds under management to £75.3bn. Alongside these fund flows, we've continued to expand our capacity to attract new clients and build upon our existing client relationships, both in the UK and in Asia, and this bodes well for our future growth. "These results and the continued resilience of our business reinforce our confidence in our strategy and the outstanding job our advisers do in managing their clients' financial affairs and the benefits of our distinctive investment management approach."At 0820 GMT, the shares were up 2.5% to 1,120p.