St. James’s Place hits record funds under management despite lower net inflows

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St. James’s Place PLC (LON:STJ) has reported slightly weaker net fund flows for the final quarter of 2020 but with a new record level of £129.34bn of funds under management (FUM).

Gross inflows were £4.02bn in the quarter, compared to £3.98mln a year earlier, while net inflows were down slightly on last year at £2.29bn compared to £2.44bn.

For the year, gross inflows of £14.33bn were 5% lower than 2019, having been down 2% at the half year stage.

Annual net inflows of £8.25bn represents 7% of the level of FUM at the start of the year, leading to total FUM growth of 11% over the year.

With current lockdown restrictions remain in place, the operating environment will continue to be challenging, said chief executive Andrew Croft.

The FTSE 100 wealth manager had 4,338 qualified advisers at the end of December, up from 4,271 a year earlier.

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