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St James's Place PLC - FTSE 100-listed wealth manager - Reports gross inflows of £9.1 billion for the six months to June 30, broadly in line with £9.2 billion a year before. Net inflows amounts to £5.5 billion, matching the prior year figure. Funds under management stood at £142.3 billion at June-end, down from £154.0 billion at end of December. ‘While our new business performance has been strong, significant reversals in global investment markets have impacted our funds under management,’ says Chief Executive Andrew Croft. ‘Although FUM has fallen since the start of the year, our income has been supported by the maturing of funds in gestation during the first half.’ Underlying cash result rises to £198.8 million from £189.3 million.
Looking ahead, it says: ‘Given current market conditions, we now expect full year gross and net flows of around £18 billion and £11 billion respectively, which would make 2022 our second highest ever year for flows and put the business even further ahead against our 2025 business plan objectives.’
St James's declares interim dividend of 15.59 pence, up 35% from 11.55p a year before.
Current stock price: 1,177.00p
12-month change: down 22%
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