St James's Place (SJP) has recorded a 31% slump in Q1 net inflows year-on-year, with gross inflows down 11% on last year's figures.
Results yesterday (27 April) showed net inflows sank to £2bn compared with Q1 2022's £2.9bn figure, while the wealth management giant posted gross inflows of £4.2bn, down from Q1 2022's £4.7bn.
Despite the drop from Q1 2022, funds under management nudged upwards compared to the first three months of last year to £153.6bn - up 1.6% from £151.2bn.
Yet the funds under management retention rate decreased slightly, falling to 95.9% in Q1 2023 compared to 96.6% in Q1 2022.
Despite the falls, chief executive Andrew Croft said the company had a "good quarter", pointing to its financial advisers £4.2bn of new client investments.
"While lower versus a very strong first quarter outturn in 2022, these gross inflows represent growth against the final quarter of last year," he said. "This outcome for both gross and net flows is testament to the scale of ongoing demand for trusted face-to-face advice, the long-term nature of our client proposition and the strength of adviser-client relationships in all environments.
"We have begun 2023 much as we expected, so if macroeconomic indicators and consumer sentiment show further signs of recovery, we continue to anticipate a more supportive environment for new business as 2023 unfolds."
