REG - St. James's Place - 2023 New Business Inflows & Funds Under Management
25/01/2024 07:00
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RNS Number : 8294A St. James's Place PLC 25 January 2024
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PRESS RELEASE
25 January 2024
ST. JAMES'S PLACE REPORTS RECORD FUNDS UNDER MANAGEMENT
St. James's Place plc ('SJP') today issues an update on new business inflows
and funds under management for the year ended 31 December 2023.
2023 2022
£'Billion £'Billion
Gross inflows 15.39 17.03
Net inflows 5.12 9.78
Closing funds under management 168.20 148.37
Funds under management retention rate(1) 95.3% 96.5%
Net inflows/opening funds under management 3.5% 6.4%
Number of qualified advisers at close 4,834 4,693
(1) Throughout this press release our retention rate is calculated allowing
for surrenders and part-surrenders. It excludes regular income withdrawals and
maturities.
Mark FitzPatrick, Chief Executive Officer, commented:
"I am pleased to report that SJP's new business performance has remained
robust during the final quarter, with our advisers attracting £3.7 billion of
new client investments to the business. This rounds out a solid year in which
we achieved £15.4 billion of total gross inflows and £5.1 billion of net
inflows despite a difficult industry backdrop. Annual retention rates remain
very strong at more than 95%.
While the need for trusted face-to-face financial advice remains as strong as
ever, client capacity and confidence to commit to long-term investment have
been impacted by the economic environment and short-term alternatives in the
form of cash deposit and savings rates. Outside of SJP funds under management,
net flows into the SJP Cash Deposit Service managed by Flagstone increased
significantly during 2023, with client deposit balances now totalling £3.9
billion (31 December 2022: £2.5 billion).
Our IMA performed very well during 2023, delivering strong investment returns
relative to peers for the benefit of our clients. This, combined with ongoing
net inflows, has driven funds under management to a record £168.2 billion.
As we build on the strong foundations we have established over three decades,
we continue to see a huge opportunity to support more clients who need help
and advice. I want SJP to capture this long-term opportunity, so as we start
planning our vision for 2030 I am reviewing all elements of our business to
ensure we are fully fit for the future and best placed to keep delivering for
all our stakeholders."
The details of the announcement are attached.
Enquiries:
Hugh Taylor, Director - Investor Relations Tel: 07818 075143
Jamie Dunkley, Director - External Communications Tel: 07779 999651
Brunswick Group: Tel: 020 7404 5959
Eilis Murphy Email: sjp@brunswickgroup.com (mailto:sjp@brunswickgroup.com)
Charles Pretzlik
Contents
1. Funds under management
2. Analysis of funds under management
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1. Funds under management
Three months ended 31 December 2023 Investment Pension UT/ISA and Total
DFM
£'Billion £'Billion £'Billion £'Billion
Opening FUM 34.43 81.31 42.83 158.57
Gross inflows 0.48 2.46 0.73 3.67
Net investment return 1.67 4.87 2.32 8.86
Regular income withdrawals and maturities (0.08) (0.70) - (0.78)
Surrenders and part-surrenders (0.51) (0.62) (0.99) (2.12)
Closing FUM 35.99 87.32 44.89 168.20
Net inflows/(outflows) (0.11) 1.14 (0.26) 0.77
Implied surrender rate as a percentage of average FUM 5.8% 2.9% 9.0% 5.2%
Included in the table above is:
· Rowan Dartington Group FUM of £3.43 billion at 31 December 2023,
gross inflows of £0.07 billion for the quarter and outflows of £0.04
billion.
· SJP Asia FUM of £1.72 billion at 31 December 2023, gross inflows
of £0.06 billion for the quarter and outflows of £0.05 billion.
Three months ended 31 December 2022 Investment Pension UT/ISA and Total
DFM
£'Billion £'Billion £'Billion £'Billion
Opening FUM 32.54 70.67 39.93 143.14
Gross inflows 0.55 2.34 0.98 3.87
Net investment return 0.67 1.64 0.87 3.18
Regular income withdrawals and maturities (0.07) (0.43) - (0.50)
Surrenders and part-surrenders (0.40) (0.36) (0.56) (1.32)
Closing FUM 33.29 73.86 41.22 148.37
Net inflows 0.08 1.55 0.42 2.05
Implied surrender rate as a percentage of average FUM 4.9% 2.0% 5.5% 3.6%
Included in the table above is:
· Rowan Dartington Group FUM of £3.29 billion at 31 December 2022,
gross inflows of £0.11 billion for the quarter and outflows of £0.05
billion.
· SJP Asia FUM of £1.52 billion at 31 December 2022, gross inflows
of £0.06 billion for the quarter and outflows of £0.03 billion.
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Twelve months ended 31 December 2023 Investment Pension UT/ISA and Total
DFM
£'Billion £'Billion £'Billion £'Billion
Opening FUM 33.29 73.86 41.22 148.37
Gross inflows 2.09 9.77 3.53 15.39
Net investment return 2.89 8.23 3.59 14.71
Regular income withdrawals and maturities (0.36) (2.41) - (2.77)
Surrenders and part-surrenders (1.92) (2.13) (3.45) (7.50)
Closing FUM 35.99 87.32 44.89 168.20
Net inflows/(outflows) (0.19) 5.23 0.08 5.12
Implied surrender rate as a percentage of average FUM 5.5% 2.6% 8.0% 4.7%
Included in the table above is:
· Rowan Dartington Group FUM of £3.43 billion at 31 December 2023,
gross inflows of £0.36 billion for the year and outflows of £0.18 billion.
· SJP Asia FUM of £1.72 billion at 31 December 2023, gross inflows
of £0.21 billion for the year and outflows of £0.15 billion.
Twelve months ended 31 December 2022 Investment Pension UT/ISA and Total
DFM
£'Billion £'Billion £'Billion £'Billion
Opening FUM 35.95 74.83 43.21 153.99
Gross inflows 2.31 9.90 4.82 17.03
Net investment return (3.15) (7.68) (4.57) (15.40)
Regular income withdrawals and maturities (0.29) (1.72) - (2.01)
Surrenders and part-surrenders (1.53) (1.47) (2.24) (5.24)
Closing FUM 33.29 73.86 41.22 148.37
Net inflows 0.49 6.71 2.58 9.78
Implied surrender rate as a percentage of average FUM 4.4% 2.0% 5.3% 3.5%
Included in the table above is:
· Rowan Dartington Group FUM of £3.29 billion at 31 December 2022,
gross inflows of £0.44 billion for the year and outflows of £0.14 billion.
· SJP Asia FUM of £1.52 billion at 31 December 2022, gross inflows
of £0.28 billion for the year and outflows of £0.10 billion.
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2. Analysis of funds under management
The table below provides a geographical and investment-type analysis of FUM at
31 December.
31 December 2023 31 December 2022
£'Billion Percentage £'Billion Percentage
of total of total
North American equities 57.4 34% 49.1 33%
Fixed income securities 27.1 16% 23.1 16%
European equities 23.6 14% 19.3 13%
Asia and Pacific equities 20.5 12% 17.8 12%
UK equities 16.0 10% 16.0 11%
Alternative investments 10.5 6% 12.4 8%
Cash 7.2 4% 5.7 4%
Other 4.1 3% 2.8 2%
Property 1.8 1% 2.2 1%
Total 168.2 100% 148.4 100%
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