British wealth manager St. James’s Place (SJP) said its funds under management (FuM) in the first quarter of 2015 increased up 22% to £55.8bn from £45.8bn a year earlier.
In its interim management statement, the wealth manager said that its net inflow of funds under management rose 9% year-on-year to £1.3bn from £1.19bn.
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For the quarter ended 31 March 2015, total new single investments stood at £2bn, up 11% compared to £1.8bn in the corresponding quarter of 2014.
Total new single investments were £2bn, a rise of 11% as against £1.8bn in the same period a year ago.
At the same time, retention of client funds continued to be strong at 96%.
SJP chief executive David Bellamy said: "I am pleased to report a strong first quarter with new investments of £2 billion and continuing high retention of our clients’ existing funds, taking our funds under management to £55.8 billion, up 7% since the beginning of the year.
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By GlobalData"During the period we received feedback from 47,000 clients who responded to our annual Wealth Account Client Survey. The majority told us that that their highest priority is ensuring they have enough to live on in retirement. They also want to be able to enjoy retirement without worrying about financial matters and have sufficient funds to pay for their long term care, should they need it in the future. This survey reinforces our experience that people keep their money invested as long as possible, contributing to our strong retention of funds under management. It further suggests that individuals understand the need to save and are unlikely to disturb their retirement plans following the introduction of the new rules."
