St James's Place reports strong end to 2024
By Josh White
Date: Thursday 30 Jan 2025
(Sharecast News) - St James's Place reported a strong 2024 performance in an update on Thursday, with gross inflows rising 20% to £18.41bn.
The FTSE 100 company said net inflows for the year stood at £4.33bn, down from £5.12bnin 2023, reflecting a slightly lower retention rate of 94.5% compared to 95.3% in the prior year.
Funds under management reached a record £190.21bn at year-end, up from £168.2bn in 2023.
Net investment return contributed £17.88bn, compared to £14.71bnin the prior year.
The ratio of net inflows to opening funds under management declined to 2.6% from 3.5% in 2023.
St James's Place said the final quarter was particularly strong, with £5.5bn in new client investments driving an improvement in net inflows to £1.5bn.
Market volatility surrounding the UK's Autumn Budget led to heightened client engagement, with increased inflows and outflows in October.
The firm said it remained focused on three key initiatives - the implementation of its revised charging structure, a review of historic client servicing records, and its cost and efficiency programme.
It said its new charging model remained on track for launch in the second half of 2025.
"SJP has had a successful year," said chief executive officer Mark FitzPatrick.
"We have increased our client and adviser numbers, sustained net inflows and achieved record FUM.
"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."
At 1038 GMT, shares in St James's Place were up 7.97% at 1,003p.
Reporting by Josh White for Sharecast.com.
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10 Lower Thames St,
London EC3R 6EN