International wealth management group St James's Place (SJP) saw record gross inflows of £4.79bn with its Asia business managing to achieve positive net inflows over the first quarter of this year.
The group's overall net inflows were up 22% at £2.9bn compared to Q1 2020 helping total funds under management to rise to £135.46bn, up circa 5% since the beginning of the year, in a update statement issued today (29 April) on new business inflows and funds under management for the three months ended 31 March 2021.
Within these big figures, SJP Asia's funds under management was £1.28bn at 31 March 2021, gross inflows were £0.10bn for the quarter and outflows were £0.02bn.
Rowan Dartington Group's funds under management was £2.98bn at 31 March 2021, gross inflows were £0.13bn for the quarter and outflows were £0.05bn.
Chief executive Andrew Croft said: "I'm pleased to announce a record quarter for St. James's Place. The moderate growth in new business that we saw in the early weeks of 2021 gathered pace through the quarter as confidence improved and clients sought to commit accumulated savings to longer-term investments.
"This, together with strong activity linked to tax year-end planning, resulted in an exceptional new business performance in March bringing gross inflows for the quarter to £4.79bn, 19% higher than the corresponding period last year.
He added: "With retention of our client investments remaining strong, net inflows for the period were up 22% at £2.90bn, representing 9% of opening funds under management on an annualised basis. The combination of strong flows, together with positive investment market returns, took total funds under management to £135.46bn, up circa 5% since the beginning of the year.
"These results demonstrate once again the unerring commitment of the Partnership and our entire community to ensuring clients receive the highest quality advice and service. Although COVID-19 restrictions and economic uncertainty continue, the demand for trusted advice is stronger than ever and I am confident that, given the quality of the Partnership and the strength of our client proposition, we are well placed to deliver another good year for St. James's Place."
