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St James’s Place PLC on Thursday recorded a drop in funds under management over 2022, but noted a higher retention rate.
The blue-chip wealth manager said that funds under management fell by 3.6% to £148.37 billion on December 31 from £153.99 billion a year earlier.
Gross inflows during 2022 fell 6.4% to £17.03 billion from £18.20 billion in 2021, whilst net inflows dropped by 11% to £9.78 billion from £11.04 billion.
Net inflows in the three months ended December 31 totalled £2.05 billion, down 30% from £2.91 billion a year before.
‘2023 has started in much the same way that 2022 ended, but it is encouraging to see more recent positive indicators that UK inflation may have peaked, together with some evidence that currency and investment markets are more stable,’ said Chief Executive Andrew Croft.
He added: ‘Retention of client investments remains very high, reflecting not only their long-term nature, but also the steadying hand of our advisers in difficult markets.’
CEO Croft said that demand for face-to-face advice is growing and that the company is well positioned to deliver against its 2025 ambitions.
Funds under management retention rate rose slightly to 96.5% as at December 31 from 96.4% at the same point the year prior.
Shares were down 0.7% at 1,191.20 pence each on Thursday morning in London.
By Xindi Wei, Alliance News reporter
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