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REG - St. James's Place - Q3 New Business Inflows and Funds Under Management

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RNS Number : 4574D  St. James's Place PLC  20 October 2022

-1-

 

PRESS RELEASE

 

20 October 2022

 

 

ST. JAMES'S PLACE REPORTS OVER £4 BILLION OF NEW CLIENT INVESTMENTS IN Q3

 

St. James's Place plc ('SJP') today issues an update on new business inflows
and funds under management for the three months ended 30 September 2022.

 

                                                                       Q3 2022     Q3 2021
                                                                       £'Billion   £'Billion
 Gross inflows                                                         4.05        4.32
 Net inflows                                                           2.19        2.59
 Closing funds under management                                        143.14      148.06

 Year-to-date funds under management retention rate (annualised)       96.5%       96.2%
 Year-to-date net inflows/opening funds under management (annualised)  6.7%        8.4%

 

 

Andrew Croft, Chief Executive Officer, commented:

"In a challenging external environment, I am pleased to report another strong
quarter for St. James's Place. At times like these, the focus of our advisers
is to remain close to their clients and provide them with timely, personal,
and trusted advice that helps them consider and manage near-term pressures
while maintaining a long-term mindset. This has underpinned gross inflows of
£4.05 billion, only modestly lower versus a record comparative period in
2021. Retention has remained very strong, supporting net inflows of £2.19
billion and contributing to funds under management closing the period at
£143.14 billion.

 

Although we face an uncertain geopolitical and macroeconomic backdrop, the
Partnership remains critically placed to help clients plan, save and invest
for the future, building confidence in their long-term finances. Our business
has proven its strength over time and this, together with our resilient
financial model, means that we expect 2022 to be another year of good progress
towards the 2025 goals we have set, and we are comfortable with consensus
expectations for new business and our financial performance for the year."

 

 

The details of the announcement are attached.

 

 

Enquiries:

 

 Hugh Taylor, Director - Investor Relations       Tel: 07818 075143
 Jamie Dunkley, External Communications Director  Tel: 07779 999651

 Brunswick Group:                                 Tel: 020 7404 5959
 Charles Pretzlik                                 Email: cpretzlik@brunswickgroup.com (mailto:cpretzlik@brunswickgroup.com)

 Eilis Murphy                                     Email: emurphy@brunswickgroup.com (mailto:emurphy@brunswickgroup.com)

 

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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 30 September 2022                   Investment  Pension     UT/ISA and DFM  Total
                                                        £'Billion   £'Billion   £'Billion       £'Billion
 Opening FUM                                            32.75       69.58       39.93           142.26
 Gross inflows                                          0.56        2.46        1.03            4.05
 Net investment return                                  (0.33)      (0.56)      (0.42)          (1.31)
 Regular income withdrawals and maturities              (0.07)      (0.43)      -               (0.50)
 Surrenders and part-surrenders                         (0.37)      (0.38)      (0.61)          (1.36)
 Closing FUM                                            32.54       70.67       39.93           143.14
 Net inflows                                            0.12        1.65        0.42            2.19
 Implied surrender rate as a percentage of average FUM  4.5%        2.2%        6.1%            3.8%

 

Included in the table above is:

·      Rowan Dartington Group FUM of £3.18 billion at 30 September
2022, gross inflows of £0.08 billion for the quarter and outflows of
£0.03 billion.

·      SJP Asia FUM of £1.50 billion at 30 September 2022, gross
inflows of £0.05 billion for the quarter and outflows of £0.03 billion.

 

 Three months ended 30 September 2021                   Investment  Pension     UT/ISA and DFM  Total
                                                        £'Billion   £'Billion   £'Billion       £'Billion
 Opening FUM                                            34.46       69.15       40.16           143.77
 Gross inflows                                          0.62        2.34        1.36            4.32
 Net investment return                                  0.38        0.89        0.43            1.70
 Regular income withdrawals and maturities              (0.08)      (0.42)      -               (0.50)
 Surrenders and part-surrenders                         (0.35)      (0.37)      (0.51)          (1.23)
 Closing FUM                                            35.03       71.59       41.44           148.06
 Net inflows                                            0.19        1.55        0.85            2.59
 Implied surrender rate as a percentage of average FUM  4.0%        2.1%        5.0%            3.4%

 

Included in the table above is:

·      Rowan Dartington Group FUM of £3.38 billion at 30 September
2021, gross inflows of £0.15 billion for the quarter and outflows of
£0.03 billion.

·      SJP Asia FUM of £1.48 billion at 30 September 2021, gross
inflows of £0.08 billion for the quarter and outflows of £0.02 billion.

 

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 Nine months ended 30 September 2022                    Investment  Pension     UT/ISA and DFM  Total
                                                        £'Billion   £'Billion   £'Billion       £'Billion
 Opening FUM                                            35.95       74.83       43.21           153.99
 Gross inflows                                          1.76        7.56        3.84            13.16
 Net investment return                                  (3.82)      (9.32)      (5.44)          (18.58)
 Regular income withdrawals and maturities              (0.22)      (1.29)      -               (1.51)
 Surrenders and part-surrenders                         (1.13)      (1.11)      (1.68)          (3.92)
 Closing FUM                                            32.54       70.67       39.93           143.14
 Net inflows                                            0.41        5.16        2.16            7.73
 Implied surrender rate as a percentage of average FUM  4.4%        2.0%        5.4%            3.5%

 

Included in the table above is:

·      Rowan Dartington Group FUM of £3.18 billion at 30 September
2022, gross inflows of £0.33 billion for the nine-month period and outflows
of £0.09 billion.

·      SJP Asia FUM of £1.50 billion at 30 September 2022, gross
inflows of £0.22 billion for nine-month period and outflows of
£0.07 billion.

 

 Nine months ended 30 September 2021                    Investment  Pension     UT/ISA and DFM  Total
                                                        £'Billion   £'Billion   £'Billion       £'Billion
 Opening FUM                                            32.22       61.31       35.81           129.34
 Gross inflows                                          1.86        7.32        4.33            13.51
 Net investment return                                  2.29        5.35        2.95            10.59
 Regular income withdrawals and maturities              (0.20)      (1.27)      -               (1.47)
 Surrenders and part-surrenders                         (1.14)      (1.12)      (1.65)          (3.91)
 Closing FUM                                            35.03       71.59       41.44           148.06
 Net inflows                                            0.52        4.93        2.68            8.13
 Implied surrender rate as a percentage of average FUM  4.5%        2.2%        5.7%            3.8%

 

Included in the table above is:

·      Rowan Dartington Group FUM of £3.38 billion at 30 September
2021, gross inflows of £0.43 billion for the nine-month period and outflows
of £0.11 billion.

·      SJP Asia FUM of £1.48 billion at 30 September 2021, gross
inflows of £0.26 billion for the nine-month period and outflows of £0.09
billion.

 

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2.     Analysis of funds under management

 

The table below provides a geographical and investment-type analysis of FUM at
30 September.

 

                            30 September 2022       30 September 2021
                            £'Billion   Percentage  £'Billion   Percentage

                                        of total                of total
 North American equities    47.3        33%         41.8        28%
 Fixed income securities    21.7        15%         24.0        16%
 Asia and Pacific equities  17.8        12%         21.4        14%
 European equities          17.1        12%         17.5        12%
 UK equities                15.4        11%         19.8        13%
 Alternative investments    12.4        9%          11.5        8%
 Cash                       6.1         4%          6.2         4%
 Property                   2.6         2%          2.5         2%
 Other                      2.7         2%          3.4         3%
 Total                      143.1       100%        148.1       100%

 

 

 

3.     EEV net asset value per share

 

The net asset value on the European Embedded Value basis at 30 September 2022
was approximately £16.26 per share.

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