30th Jan 2025 09:51
(Alliance News) - St James's Place PLC on Thursday said its funds under management grew more than 10% during 2024, after a "strong" final quarter.
The Cirencester, Gloucestershire-based wealth management firm said funds under management at the close of 2024 were GBP190.21 billion, up 12% from GBP168.20 billion the year before.
SJP's gross inflows improved 18% during the year to GBP18.41 billion from GBP15.39 billion, while net inflows were down 17% to GBP4.33 billion from GBP5.12 billion.
Net investment return for the year edged up 18% to GBP17.68 billion from GBP14.71 billion.
During SJP's fourth quarter that ended December 31, funds under management were up 3.1% from the GBP184.40 billion opening value.
Chief Executive Officer Mark FitzPatrick said: "The run up to the autumn budget created uncertainty for UK consumers and led to an increase in both gross inflows and outflows in the month of October. Client engagement levels were high throughout the quarter as our advisers provided support, reassurance and invaluable advice that helped clients navigate the uncertainty and safeguard their long-term financial futures.
"We continue to focus on our three key programmes of work and as we approach the final stages of implementing our simple and comparable charging structure, we remain on track for delivery by the second half of 2025 and in line with our financial guidance. The work to review historic client servicing records and implement our cost and efficiency programme continues to progress as planned.
"SJP has had a successful year. We have increased our client and adviser numbers, sustained net inflows and achieved record [funds under management]. Looking forward, we see a growing need for trusted financial advice, and I am confident in our ability to capture this and deliver great outcomes for clients and all our stakeholders."
Broker Peel Hunt has forecast closing assets under management of GBP203.88 billion for the group in 2025, which would be up 6.9% from its 2024 funds under management closing level.
Shares in St James's Place were up 8.2% at 1,005.00 pence each in London on Thursday morning.
By Emily Parsons, Alliance News reporter
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