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St James' Place quarterly funds under management up 5.2%

By BFN News | 07:15 AM | Tuesday 27 October, 2020


Wealth manager St James' Place said its funds under management for the third quarter had rise 5.2% after it enjoyed net inflows into its products. Funds under management for the three months through September increased to £118.70 billion, up from £112.82 billion year-on-year. Net inflows during the quarter amounted to £1.44 billion, down from £2.11 billion year-on-year. 'Amid a challenging external environment our advisers, their staff and our entire community have continued to demonstrate exceptional flexibility during the period, building and maintaining close relationships with clients and each other,' chief executive Andrew Croft said. 'Outflows for the quarter were lower than the same period last year as we continued to achieve very strong retention of existing client funds.' Croft said he was encouraged that improved levels of activity towards the end of the quarter had continued into October, with activity for the current month at similar levels to the same month last year. 'Looking ahead, the increased uncertainty linked to Covid-19 will inevitably influence client investment confidence and consequent decision-making.' 'However, drawing on the experience of the last six months, I am confident that the partnership will continue to adapt to whatever circumstances they face in order to establish long-term relationships with new clients through the provision of high-quality advice, and retain clients through maintaining outstanding service.' Story provided by StockMarketWire.com

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