St James’s Place Asia saw gross inflows of £0.05bn for the quarter which were exceeded by outflows of £0.07bn to give funds under management of £1.76bn, in its quarterly update published today (30 April).
SJP Asia FUM were up from £1.53bn at 31 March 2023, which saw gross inflows of £0.04bn for the quarter exceeding outflows of £0.03bn, in the three months ended 31 March 2023.
The international wealth group as a whole saw gross inflows of almost £4bn and net inflows of £710m in the first three months of 2024, while gross inflows fell by 4.8% (£200m) compared to the same quarter last year.
Net flows fell compared to Q1 2023 and Q4 2023 fell by 64.5% (£1.3bn) and 7.8% (£60m), respectively, to £710m for the quarter.
Mark FitzPatrick, chief executive officer, said: “I am pleased to report a good first quarter for the year, resulting in client funds under management (FUM) increasing to £179.0 billion. This has primarily been driven through a strong period of investment returns, as our investment proposition continues to deliver for clients.
"FUM has also benefited from £0.7 billion of net inflows, further extending our track record of generating net inflows every quarter.
"Gross inflows of £4.0 billion were modestly lower year-on-year, in part due to the fewer number of working days in
March this year ahead of the key tax year end period. For the year to 5 April, gross inflows are broadly unchanged on
the equivalent period in 2023, reflecting an increased level of client activity, albeit with a lower average investment
size.
"Meanwhile, outflows remain at an elevated level, continuing a trend we have seen across our industry, as clients
continue to draw upon their savings to meet continued financial needs."
He continued: "We are making good progress with our review of the business, and I look forward to sharing the outcomes alongside our half-year results in the summer. We also continue to move forward with our significant programmes of work to review historic client servicing records and to implement the new charging structure that we announced last October.
"Both programmes are proceeding in line with our plans and expectations, and the financial guidance associated with
each of these remains unchanged.
"While the outlook for the macroeconomic environment remains uncertain, our business is fundamentally in good
shape as we continue to build our client base, grow adviser headcount, increase funds under management, and
deliver for our clients. This means we are very well placed to capture the highly attractive long-term structural
opportunity for the financial advice industry.”
