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

St James's PlaceAnnouncement

24/04/2025 07:02

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RNS Number : 9159F  St. James's Place PLC  24 April 2025

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PRESS RELEASE

 

24 April 2025

 

 ST. JAMES'S PLACE DELIVERS A STRONG START TO THE YEAR

 

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 2025.

 

                                                          Q1 2025     Q1 2024
                                                          £'Billion   £'Billion
 Gross inflows                                            5.14        3.97
 Net inflows                                              1.69        0.71
 Closing funds under management                           188.59      179.04

 Funds under management retention rate (annualised)(1)    95.0%       94.6%
 Net inflows/opening funds under management (annualised)  3.6%        1.7%

(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 another strong quarter for new business, once again
demonstrating the strength of our advice-led business model and the trusted
relationships our advisers build with clients. The external environment has
been uncertain, but our advisers have reassured clients and helped them remain
focused on their long-term financial goals and aspirations. Engagement levels
have been high, and this has resulted in £5.1 billion of new client
investments during the quarter. Retention of funds under management remained
strong at 95.0%, supporting net inflows of £1.7 billion. A decline in global
markets during the quarter impacted our funds under management, which closed
the period at £188.6 billion.

 

We continue to make substantial progress with our three key programmes of
work. We will be implementing our simple, comparable charging structure over
the summer, and our work to review historic client servicing records and
implement our cost and efficiency programme continues to move forward.

 

We are pleased to have built momentum in new business in recent quarters, and
we have continued to see good levels of client engagement and activity so far
in April. Looking forward, macroeconomic uncertainty and market volatility
create a challenging environment for savers and investors, but one which
underlines the value that trusted financial advice delivers to clients. Our
advisers continue to help clients navigate these conditions and stay on track
to achieve their long-term financial goals and aspirations. We have a long
history of net inflows during all phases of the economic cycle, and the
quality of the Partnership and the strength of our advice-led business model
positions us well for the future."

 

The details of the announcement are attached.

 

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Enquiries:

 Hugh Taylor, Director - Investor Relations            Tel: 07818 075143
 Angela Warburton, Director - External Communications  Tel: 07912 281502

 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 2025                       Investment  Pension     UT/ISA and DFM  Total
                                                        £'Billion   £'Billion   £'Billion       £'Billion
 Opening FUM                                            39.18       101.98      49.05           190.21
 Gross inflows                                          0.74        3.14        1.26            5.14
 Net investment return                                  (0.53)      (1.96)      (0.82)          (3.31)
 Regular income withdrawals and maturities              (0.08)      (0.99)      -               (1.07)
 Surrenders and part-surrenders                         (0.53)      (0.89)      (0.96)          (2.38)
 Closing FUM                                            38.78       101.28      48.53           188.59
 Net inflows/(outflows)                                 0.13        1.26        0.30            1.69
 Implied surrender rate as a percentage of average FUM  5.4%        3.5%        7.9%            5.0%

 

 Three months ended 31 March 2024                       Investment  Pension     UT/ISA and DFM  Total
                                                        £'Billion   £'Billion   £'Billion       £'Billion
 Opening FUM                                            35.99       87.32       44.89           168.20
 Gross inflows                                          0.47        2.61        0.89            3.97
 Net investment return                                  1.92        5.55        2.66            10.13
 Regular income withdrawals and maturities              (0.11)      (0.82)      -               (0.93)
 Surrenders and part-surrenders                         (0.55)      (0.72)      (1.06)          (2.33)
 Closing FUM                                            37.72       93.94       47.38           179.04
 Net inflows/(outflows)                                 (0.19)      1.07        (0.17)          0.71
 Implied surrender rate as a percentage of average FUM  6.0%        3.2%        9.2%            5.4%

 

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2. Analysis of funds under management

 

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

 

                            31 March 2025           31 March 2024
                            £'Billion   Percentage  £'Billion   Percentage

                                        of total                of total
 North American equities    71.3        38%         64.9        36%
 Fixed income securities    32.0        17%         28.1        16%
 European equities          25.7        13%         25.3        14%
 Asia and Pacific equities  23.9        12%         21.8        12%
 UK equities                16.6        9%          15.7        9%
 Cash                       7.4         4%          7.0         4%
 Alternative investments    5.6         3%          9.9         5%
 Other                      5.1         3%          4.6         3%
 Property                   1.0         1%          1.7         1%
 Total                      188.6       100%        179.0       100%

 

 

3. EEV net asset value per share

 

The net asset value on the European Embedded Value basis at 31 March 2025 was
approximately £16.28 per share (cum div) and approximately £16.16 per share
after the payment of the proposed final dividend on 23 May 2025.

 

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