SJP saw record gross inflows in Q1

Added 26th April 2016

St. James's Place reported a record £1bn of gross inflows in March, increasing the group’s funds under management to £62bn.

SJP saw record gross inflows in Q1

The total gross inflows for the quarter were £2.45bn, while net inflow of funds under management stood at £1.36bn for the first quarter of 2016, up 16% over the same period last year (2015: £2.11bn). Client retention was at 95% of client funds, the firm said in a statement.

"The fact that the Chancellor avoided further changes to Pension tax relief and chose to give further encouragement to individual savings through a higher limit for ISAs in 2017, the introduction of a lifetime ISA and reduced Capital Gains tax, bodes well for the future," said David Bellamy, chief executive.

Acquired funds under management of £1.26bn relate to the acquisition of discretionary investment manager Rowan Dartington last year.

Numis has now set a ‘Hold’ rating on shares of St James’s Place with a price target of 1000. "AuM (ex Rowan Dartington acquisition) at £60.8bn was marginally ahead of our £60.5bn forecast and £60.3bn consensus estimate," said the broker.

"We continue to see a decent medium term growth opportunity for the company, but believe this is fairly priced in today, particularly in light of what we forecast to be limited short term growth."

The wealth management group also acquired Technical Connection and launched an intergenerational mortgage suite.

“We remain focused on achieving the best possible outcomes for our clients, through the provision of sound personal financial advice,” commented Bellamy. “The acquisition of Technical Connection with their specialist technical support services, together with the new St. James's Place intergenerational mortgage suite, adds to the resources and services that our partners and clients can draw upon to achieve that," he added.

Technical Connection provides technical support, insight, proposition development and the provision of continuing professional development (CPD) to financial advisers and institutions. The company has supplied technical resource to St. James's Place since its inception in 1991, and the acquisition adds a team of advisory professionals to SJP.

"Bringing together the experience and innovation of Technical Connection with St. James's Place's existing technical support team creates a very powerful centre of business focussed technical expertise to enhance the support we provide to our partners and advisers in helping clients to navigate their financial decisions," commented Bellamy. 

Meanwhile, SJP has launched the St. James's Place Intergenerational Mortgage Range, in conjunction with high street retail bank Metro Bank. The new mortgage range is designed for parents and grandparents who want to support their children or grandchildren in buying their first home.

Kames Income Hub


Vincent McEntegart, manager of the Kames Diversified Monthly Income Fund, explains how he aims to deliver a stable and sustainable income of 5% p.a.*, paid monthly, by investing in a range of asset classes

Square Mile Research

Lazard Emerging Markets
Lazard Emerging Markets

Talking Factsheets is a video service for users...

Visitor's Comments Add your comment

Add Your Comment

We won't publish your address



Investment Strategy




PA Channel Island 2016
PA Channel Island 2016

8th November 2016
The Royal Yacht, Jersey


17th November 2016
The Andaz

PA Emerging Markets 2016
PA Emerging Markets 2016

1st December 2016
The Mayfair, London

Sponsored Content

Investment Strategy