27th May 2020 09:17
(Alliance News) - St James's Place on Wednesday said April gross inflows were "robust", though they did come in lower than a year ago, as its partners shifted to managing clients "virtually".
The FTSE 100-listed wealth management business said gross inflows for April amounted to GBP1.17 billion versus GBP1.35 billion a year ago, with net inflows broadly flat at GBP810 million. Closing funds under management totalled GBP108.83 billion, up 1.5% from 107.19 billion.
For the four months to April, gross inflows were GBP5.21 billion, up from GBP4.96 billion a year before, and net inflows were up to GBP3.18 billion from GBP2.98 billion.
"Following record first-quarter new business, we have naturally seen a reduction in new investments as the Covid-19 crisis developed. In light of the need to observe social distancing, the partnership has quickly adapted to managing client relationships 'virtually' and April gross inflows were robust, albeit 13% lower than the same month last year," said Chief Executive Andrew Croft.
"We are encouraged by the robust gross and net inflows we have continued to experience during May, though the short to medium-term impact of government measures and economic volatility on our flows remains uncertain," Croft added.
Shares in St James's Place shares were trading 6.6% higher at 934.80 pence each on Wednesday morning in London.
By Ife Taiwo; [email protected]
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