British wealth manager St James’s Place (SJP) is showing signs of recovery amid the Covid-19 pandemic with growth in funds under management (FUM) and £4.5bn of net inflows.
FUM at the firm reached £115.7bn at the end of June 2020, up from £101.67bn as at 31 March 2020.
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SJP’s FUM totalled £117bn at 2019-end and £109.3bn in the prior year.
Net inflows of £4.5bn were almost similar to last year’s figure of £4.4bn.
Gross inflow of funds was £7.3bn, versus £7.4bn last year.
However, the firm’s operating profit on a European Embedded Value basis dropped to £418.7m in H1 2020 from £465.7m a year ago.
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By GlobalDataIFRS profit before shareholder tax increased to £221.9m from £57.3m over the period.
Earlier this year, SJP said that it will withhold a third of its 2019 dividend or 11.22 pence per share amid Covid-19 uncertainty.
SJP CEO Andrew Croft said: “As the population at large recovers from more than four months of lockdown we anticipate a period of recuperation for the UK. Nonetheless, from what we have experienced so far in July, we still expect new business flows for the third quarter to be similar or slightly lower in terms of value to the level of flows recorded for the second quarter.
“We are then hopeful that, as the country returns from the summer break refreshed and ready for a return to the office, and supported by the high levels of client service provided by the Partnership since lockdown, we will see momentum build through the final quarter.”
