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St James's Place PLC on Thursday posted a fall in funds under management in the third quarter to September 30 amid a challenging external environment as European equities' funds overtook UK equities.
The blue-chip wealth manager reported £143.14 billion in funds under management as of September 30, down 3.3% from £148.06 billion a year before but up by 0.6% from £142.26 billion on June 30.
Net inflows during the third quarter contracted by 15% to £2.19 billion from £2.59 billion a year before. Gross inflows fell 6.3% to £4.05 billion from £4.32 billion.
By asset class, St James's Place North American Equities fund - which makes up 33% of total funds - increased 13% to £47.3 billion from £41.8 billion at the end of September last year.
The wealth manager's Fixed Interest fund - which makes up 15% of total funds - decreased by 9.6% to £21.7 billion from £24.0 billion. Asia & Pacific Equities - 12% of funds - fell by 17% to £17.8 billion from £21.4 billion.
European Equities - 12% of funds - fell 2.3% to £17.1 billion from £17.5 billion, but overtook UK Equities. UK Equities - 11% of total funds - plummeted 22% to £15.4 billion from £19.8 billion.
Alternative Investments - 9% of funds - rose 7.8% to £12.4 billion from £11.5 billion.
The firm's net investment return decreased total funds by £1.31 billion in the third quarter. A year ago, they added £1.70 billion to total funds.
"In a challenging external environment, I am pleased to report another strong quarter for St. James's Place. At times like these, the focus of our advisers is to remain close to their clients and provide them with timely, personal, and trusted advice that helps them consider and manage near-term pressures while maintaining a long-term mindset," said Chief Executive Officer Andrew Croft.
He added: "Our business has proven its strength over time and this, together with our resilient financial model, means that we expect 2022 to be another year of good progress towards the 2025 goals we have set, and we are comfortable with consensus expectations for new business and our financial performance for the year."
St James's shares were 0.3% higher at 997.00 pence each in London on Thursday afternoon.
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