St. James’s Place achieves Scottish milestone as AuM hit £75.5bn
Wealth management group St. James’s Place has seen new business inflows grow over the last quarter to £3.3 billion, up 30 per cent in the quarter and taking the total for the year to £11.4 billion, up 23 per cent.
The latest figures from the group also show funds under management now stand at £75.3 billion, up 28 per cent for the year.
The firm has also passed a significant milestone in Scotland as its Aberdeen office smashed through the £1 billion barrier of assets under management (AuM).
Mark Wyllie, head of business at SJP’s Aberdeen office, which serves clients from the Tay northwards with more than 60 staff, said: “I like to think we played our part in that success in the north and northeast, and was particularly pleased to note that we passed our own milestone in breaking the £1billion figure of assets that we look after on behalf our 8,200 clients. This is growth in excess of 67 per cent over the past three years.”
Across all operations, SJP also saw continued strong retention of client funds, which stood at 95 per cent for the year.
Net inflow of funds of £2.1 billion was up 26 per cent in the quarter and 17 per cent for the year at £6.8 billion.
SJP chief executive, David Bellamy, said: “I am delighted to announce that the momentum we reported in October continued into the final quarter. We achieved record flows which, together with characteristically high retention of clients and the strong investment returns they enjoyed, lifted funds under management to £75.3 billion. Alongside these fund flows, we’ve continued to expand our capacity to attract new clients and build upon our existing client relationships, both in the UK and in Asia, and this bodes well for our future growth.
“These results and the continued resilience of our business reinforce our confidence in our strategy and the outstanding job our advisers do in managing their clients’ financial affairs and the benefits of our distinctive investment management approach.
“Despite challenging market conditions and some surprising political events, 2016 has been another record-breaking year for St. James’s Place. We’ve achieved strong growth across all the key aspects of the business and I believe that we are better placed today for the opportunities that lie ahead than ever before.”