30th Jan 2020 09:01
(Alliance News) - St James's Place PLC on Thursday reported a "robust" set of results, with a 22% annual rise in funds under management, as a positive investment return compensated for slightly lower net inflows, and the wealth manager said that UK investor sentiment has improved following the December general election.
St James's Place reported assets under management of GBP116.99 billion for 2019, up from GBP95.55 billion a year ago.
Net inflows totalled GBP8.99 billion, down from GBP10.28 billion in 2018, with gross inflows of GBP15.10 billion, down from GBP15.70 billion.
However, the Cirencester, England-based company saw a net investment return of GBP12.45 billion in 2019 versus a GBP5.48 billion investment loss in 2018.
"Against a backdrop of continued macro-economic and political uncertainty for much of the final quarter, I am pleased to report a robust set of new business results. Gross inflows for the fourth quarter totalled GBP3.98 billion, representing growth of 1% against the same period in 2018. This took gross inflows for the year as a whole to GBP15.10 billion, 4% lower than 2018," said Chief Executive Andrew Croft said.
"Although uncertainties remain for the UK, the Parliamentary majority following the general election in December provides for longer-term political stability. Following this outcome, we are encouraged to have seen improved investor sentiment and activity which, together with the strength and scale of our business today, gives us confidence that we are well placed to continue to grow," Croft added.
Shares in St James's Place were up 2.2% at 1,166.00 pence each in London on Thursday morning.
By Tapan Panchal; [email protected]
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