REG - St. James's Place - Q1 New Business Inflows and Funds Under Management

St James's PlaceAnnouncement

27/04/2023 07:00

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RNS Number : 6010X  St. James's Place PLC  27 April 2023

 

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PRESS RELEASE

 

27 April 2023

 

ST. JAMES'S PLACE DELIVERS ANOTHER RESILIENT NEW BUSINESS PERFORMANCE

 

St. James's Place plc ('SJP') today issues an update on new business inflows
and funds under management for the three months ended 31 March 2023.

 

                                                         Q1 2023     Q1 2022
                                                         £'Billion   £'Billion
 Gross inflows                                           4.17        4.73
 Net inflows                                             2.00        2.91
 Closing funds under management                          153.62      151.25

 Funds under management retention rate (full year) (1)   95.9%       96.6%
 Net inflows/opening funds under management (full year)  5.4%        7.6%

1 Excluding regular income withdrawals and maturities

 

 

Andrew Croft, Chief Executive Officer, commented:

"I am pleased to announce another good quarter for St. James's Place, with our
advisers attracting £4.17 billion of new client investments to the business.
While lower versus a very strong first quarter outturn in 2022, these gross
inflows represent growth against the final quarter of last year. Retention has
remained strong, supporting a further £2.00 billion of net inflows and
contributing to funds under management closing the period at £153.62 billion.
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."

 

The details of the announcement are attached.

 

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Enquiries:

 Hugh Taylor, Director - Investor Relations       Tel: 07818 075143
 Jamie Dunkley, External Communications Director  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

3.     EEV net asset value per share

 

 

1. Funds under management

 

 Three months ended 31 March 2023                       Investment  Pension     UT/ISA and DFM  Total
                                                        £'Billion   £'Billion   £'Billion       £'Billion
 Opening FUM                                            33.29       73.86       41.22           148.37
 Gross inflows                                          0.59        2.43        1.15            4.17
 Net investment return                                  0.69        1.74        0.82            3.25
 Regular income withdrawals and maturities              (0.14)      (0.47)      -               (0.61)
 Surrenders and part-surrenders                         (0.43)      (0.41)      (0.72)          (1.56)
 Closing FUM                                            34.00       77.15       42.47           153.62
 Net inflows                                            0.02        1.55        0.43            2.00
 Implied surrender rate as a percentage of average FUM  5.1%        2.2%        6.9%            4.1%

 

Included in the table above is:

·      Rowan Dartington Group FUM of £3.35 billion at 31 March 2023,
gross inflows of £0.12 billion for the quarter and outflows of £0.05
billion.

·      SJP Asia FUM of £1.53 billion at 31 March 2023, gross inflows of
£0.04 billion for the quarter and outflows of £0.03 billion.

 

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 Three months ended 31 March 2022                       Investment  Pension     UT/ISA and DFM  Total
                                                        £'Billion   £'Billion   £'Billion       £'Billion
 Opening FUM                                            35.95       74.83       43.21           153.99
 Gross inflows                                          0.63        2.53        1.57            4.73
 Net investment return                                  (1.15)      (2.80)      (1.70)          (5.65)
 Regular income withdrawals and maturities              (0.08)      (0.42)      -               (0.50)
 Surrenders and part-surrenders                         (0.38)      (0.39)      (0.55)          (1.32)
 Closing FUM                                            34.97       73.75       42.53           151.25
 Net inflows                                            0.17        1.72        1.02            2.91
 Implied surrender rate as a percentage of average FUM  4.4%        2.0%        5.1%            3.4%

 

Included in the table above is:

·      Rowan Dartington Group FUM of £3.42 billion at 31 March 2022,
gross inflows of £0.13 billion for the quarter and outflows of £0.04
billion.

·      SJP Asia FUM of £1.56 billion at 31 March 2022, gross inflows of
£0.08 billion for the quarter and outflows of £0.02 billion.

 

 

2. Analysis of funds under management

 

The table below provides a geographical and investment-type analysis of FUM at
31 March.

 

                            31 March 2023           31 March 2022
                            £'Billion   Percentage  £'Billion   Percentage

                                        of total                of total
 North American equities    49.3        32%         45.9        30%
 Fixed income securities    24.0        16%         25.2        17%
 European equities          21.9        14%         19.7        13%
 Asia and Pacific equities  18.9        12%         17.2        11%
 UK equities                16.4        11%         20.5        13%
 Alternative investments    12.4        8%          11.8        8%
 Cash                       5.6         4%          5.5         4%
 Other                      3.0         2%          2.8         2%
 Property                   2.1         1%          2.7         2%
 Total                      153.6       100%        151.3       100%

 

 

3. EEV net asset value per share

 

The net asset value on the European Embedded Value basis at 31 March 2023 was
approximately £17.16 per share (cum div) and approximately £16.79 per share
after the payment of the proposed full year dividend on 31 May 2023.

 

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