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St James's Place AuM drop but net inflows beat expectations
(WebFG News) - Wealth manager St James's Place posted a drop in first-quarter assets under management on Tuesday, although gross inflows grew.
In the three months to the end of March 2018, group funds under management fell to £89.91bn from £79.84bn due to weaker investment markets.
However, the gross inflow of funds rose 21% from the first quarter of 2017 to £3.91bn, while the net inflow of funds was up 31% to £2.60bn, reflecting an "excellent" client retention of 96%. Analysts had been expecting net inflows of £2.3bn.
Chief executive Andrew Croft said: "We continue to see a growing market for trusted face-to-face financial advice and believe St James's Place remains ideally placed to meet this need.
"This growing market, together with the strong start we have made to 2018, reinforces our confidence in our ability to achieve our stated objective of 15-20% growth in gross inflows during 2018 and beyond."
At 0810 BST, the shares were up 0.5% to 1,152.50p.