27th Apr 2023 10:37
(Alliance News) - St James's Place PLC shares slid on Thursday as it reported a year-on-year slowdown in net inflows during the first three months of 2023.
St James's Place shares fell 5.2% to 1,174.50 pence each in London on Thursday morning.
The wealth manager does expect a "more supportive environment for new business" as the rest of the year unfolds, should economic worries show more signs of abating.
Funds under management as of March 31 amounted to GBP153.62 billion, up 1.6% year-on-year from GBP151.25 billion. However, net inflows amounted to GBP2.00 billion, slowing from GBP2.91 billion a year earlier.
"I am pleased to announce another good quarter for St James's Place, with our advisers attracting GBP4.17 billion of new client investments to the business. While lower versus a very strong first quarter outturn in 2022, these gross inflows represent growth against the final quarter of last year," Chief Executive Andrew Croft said.
"We have begun 2023 much as we expected, so if macroeconomic indicators and consumer sentiment show further signs of recovery, we continue to anticipate a more supportive environment for new business as 2023 unfolds."
By Eric Cunha, Alliance News news editor
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