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St James's Place sees drop in H1 net inflows

By BFN News | 08:37 AM | Wednesday 31 July, 2019


Wealth management group St. James's Place said "challenging external factors" weighed on new inflows in the first six months of 2019. Net inflows of funds were £4.4bn in the first half of 2019, down from £5.2bn a year earlier. However, it said positive net flows and a recovery in investment markets had boosted its funds under management to £109.3bn, which it said was a company record. This represents an increase of 14% year on year. It would pay an interim dividend of 18.49p per share, unchanged from 2018's dividend. 'Whilst the short-term financials will be impacted by the current uncertain [political] environment, the prospects for the business are very good. Enormous demand for advice in the UK market, a proven ability to grow our adviser base, and a significant flow of future cash income from the gestation all underpin our confidence, and our anticipation of a return to growth in the medium and longer-term,' said CFO Craig Gentle. At 8:37am: (LON:STJ) St Jamess Place PLC share price was -61.8p at 981.2p Story provided by StockMarketWire.com

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