LONDON (ShareCast) - (Sharecast News) - Wealth management group St James's Place posted a rise in funds under management on Tuesday despite seeing the pace of inflows temper in the third quarter.
St James's Place grew total funds under management to £118.7bn for the nine months ended 30 September, up from the £112.82bn recorded during the same period a year earlier, even as reported net inflows slipped from £2.11bn to £1.44bn in the quarter.

Net inflows for the year-to-date dropped from £6.55bn to £5.96bn, while gross inflows of more than £3.0bn helped take the firm's year-to-date position to £10.3bn.

Chief executive Andrew Croft said: "Looking ahead, the increased uncertainty linked to Covid-19 will inevitably influence client investment confidence and consequent decision-making. However, drawing on the experience of the last six months, I am confident that the partnership will continue to adapt to whatever circumstances they face.

"Our confidence in the medium to long-term outlook for our business remains unchanged. We see an increasing demand for sound, highly personal financial planning advice and, through the comprehensive geographic reach and quality of the partnership, we remain extremely well positioned to meet this opportunity and drive further growth over time."

As of 0900 GMT, St James's Place shares were down 2.32% at 908.0p.

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