St. James’s Place results (SJP) showed the gross inflow of funds under management at the end of the first half of 2018 was £7.9bn, an increase of 15% compared to £6.9bn in the previous year.
The group’s net inflow of funds under management stood at £5.2bn for the half year ended 30 June 2018, a 21% surge from £4.3bn last year.
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Group funds under management totalled £96.6bn as at 30 June 2018, up 16% from a year ago.
SJP CEO Andrew Croft said: “Following last year’s exceptional growth, I am delighted to report continued strong growth across all key areas of our business. Gross inflows grew by 15% during the first half to £7.9bn, net inflows of £5.2bn were up 21% reflecting the continued and improving retention – a testament to the Partnership, whilst funds under management closed the half year at just under £97bn, up 6% since the end of 2017 and 16% higher over the past year.
“Naturally, this strong new business performance is reflected in the Group’s financial performance, with growth in all our financial KPIs for the half year. Of particular note was the strong growth in the Underlying cash result, up 20% to £147.1m.”
St. James’s Place results
Meanwhile, the firm appointed Robert Gardner as its new director of investment management, replacing David Lamb who will retire next year. The appointment is subject to regulatory approval.
Gardner will join SJP on 7 January 2019 from investment consultancy Redington, while retaining his non-executive role at Redington. He previously also worked at Deutsche Bank as well as Merrill Lynch.
SJP chairman Sarah Bates said: “On behalf of the Board, I would like to thank David for his significant contribution to the success of St. James’s Place for what will be 27 years’ service on retirement, particularly in relation to the development and operation of our Investment Management Approach.”
