St James’s Place (SJP), a wealth manager based in the UK, has reported gross inflows of funds under management of £7.4bn at the end of the H1 2019.
This is a decrease of 7% from the previous year figure of £7.9bn.
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The group’s net inflow of funds declined to £4.4bn from £5.2bn.
Group funds under management totalled £109.3bn as of 30 June 2019, up 14% from £96.6bn a year ago.
Operating profit on a European Embedded Value basis dropped 5% to £465.7m from £489.6m.
IFRS profit before tax plunged 31% year-on-year to £57.3m.
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By GlobalDataUnderlying IFRS profit before shareholder tax decreased to £81.5m from £115.4m.
St James’s Place CEO Andrew Croft said: “Whilst our new business continues to perform well compared to others in the wealth management sector, we are not immune to the challenging external factors that prevailed during H1.
“Consequently, gross new inflows for the period, at £7.4 billion, were some 7% lower than the first half of 2018, and we are encouraged that gross flows improved in the second quarter versus the first quarter.
“Importantly, the continued strong retention of existing client funds meant that we attracted £4.4 billion of net inflows for the period, equating to 4.6% of opening funds under management, 9.2% on an annualised basis.”
