St James’s Place inflows shrink but funds under management increase
Wealth manager St James’s Place saw inflows shrink but funds under management increase in the first three months of 2019.
Net inflows in the first quarter were £2.18bn, down from £2.6bn in the same period last year, the firm announced this morning.
Read more: St James's Place funds under management hit £102bn
However, funds under management increased from £89.91bn in March 2018 to £103.52bn in the first quarter.
St James's Place chief executive Andrew Croft said the performance demonstrated the “resilience” of the business.
“Whilst uncertainty will inevitably impact investor sentiment from time to time, it does not change the long-term needs of individuals,” he said.
“There remains both a growing market for trusted face-to-face advice in the UK and an advice gap that represents a major opportunity for us.”
Read more: St James's Place boosts inflows in 2018 despite market challenges
The company broke the £100m barrier in January this year, when it reported £102bn in assets under management in its full-year results.
At the time, analysts said the firm’s ability to weather Brexit uncertainty to maintain strong fund flows was one of its “unique selling points”.