St James's Place profit falls amid volatile markets

27th Jul 2023 08:01

(Sharecast News) - Asset manager St James's Place on Thursday said interim profits fell amid market volatility, but still managed £3.4bn in net inflows.

Profit before tax fell to £215m from £265.2m a year earlier, while funds under management hit a record £157.5bn, up from £148.4bn in December 2022.

"This has been a challenging period for many UK savers and investors who have had to contend with high and persistent inflation, rising borrowing costs, a mini banking crisis in the US and attendant stock market volatility, and continued macro-economic and geo-political uncertainty," said chief executive Andrew Croft said.

"As we look ahead, there continue to be challenges for UK consumers," he said.

Reporting by Frank Prenesti for Sharecast.com