St. James's Place - 2025 New Business Inflows & Funds Under Management

St Jamess Place

29/01/2026 07:00

RNS Number : 8016Q

St. James's Place PLC

29 January 2026

 

-1-

 

 

PRESS RELEASE

 

29 January 2026

 

 ST. JAMES'S PLACE DELIVERS A STRONG YEAR OF NEW BUSINESS AND INVESTMENT RETURNS

 

St. James's Place plc ('SJP') today issues an update on new business inflows and funds under management for the year ended 31 December 2025.

 

2025
2024
£'Billion
£'Billion
Gross inflows
21.88
18.41
Net inflows
6.16
4.33
Net investment return
23.64
17.68
Closing funds under management
220.01
190.21
Funds under management retention rate1
94.9%
94.5%
Net inflows/opening funds under management
3.2%
2.6%
Net investment return/opening funds under management
12.4%
10.5%

1 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 a strong year for SJP. Our advisers attracted £21.9 billion of new business, up 19% year-on-year. Combined with high retention of 94.9%, we achieved net inflows of £6.2 billion, up 42% year-on-year. We also delivered strong investment performance for the benefit of our clients, with returns representing 12% of opening funds under management. Together with net inflows, this meant our FUM closed the year at £220.0 billion, a record high and up 16% during the year.

 

The final quarter was marked by protracted speculation in the lead up to the Autumn Budget at the end of November, and our new business performance reflected clients' desire for trusted advice amid this period of heightened uncertainty. Client-adviser engagement was unseasonally high in the third quarter, linked to the successful implementation of our new charging structure in late summer, resulting in lower levels of activity early in the final quarter, as expected.

 

The final quarter also saw elevated short-term outflows, as many clients accelerated tax-free cash (TFC) withdrawals from their pensions in anticipation of reduced TFC allowances. As we exited the quarter, we were pleased to see both outflow rates and client engagement normalise, and this has continued into the early part of 2026. 

 

2025 was a year of progress for SJP, where we strengthened our business for the future whilst growing our client numbers, increasing our inflows, delivering good investment returns and achieving record FUM. As anticipated, clients and advisers successfully adapted to the implementation of our simple, comparable charging structure. We also made good progress with our review of historic ongoing service evidence and our cost and efficiency programme. We enter 2026 with confidence and the changes we have made, combined with our broader strategy to strengthen and grow SJP, leave us well placed to extend our long-term leadership in a highly attractive marketplace."

 

 

-2-

 

Enquiries:

Hugh Taylor, Director - Investor Relations
Tel: 07818 075143
Angela Warburton, Director - Communications
Tel: 07442 479542
Brunswick Group:
Tel: 020 7404 5959
Eilis Murphy
Email:sjp@brunswickgroup.com

 

 

Contents

 

1.     Funds under management

2.     Analysis of funds under management

 

 

 

1.     Funds under management

 

Three months ended 31 December 2025
Investment bond
Pension
UT/ISA and
DFM
Total
£'Billion
£'Billion
£'Billion
£'Billion
Opening FUM
42.74
115.53
54.09
212.36
Gross inflows
0.67
3.62
1.40
5.69
Net investment return
1.36
4.19
1.53
7.08
Regular income withdrawals and maturities
(0.09)
(1.75)
-
(1.84)
Surrenders and part-surrenders
(0.56)
(1.65)
(1.07)
(3.28)
Closing FUM
44.12
119.94
55.95
220.01
Net inflows/(outflows)
0.02
0.22
0.33
0.57
Implied surrender rate as a percentage of average FUM
5.2%
5.6%
7.8%
6.1%

 

 

Three months ended 31 December 2024
Investment bond
Pension
UT/ISA and
DFM
Total
£'Billion
£'Billion
£'Billion
£'Billion
Opening FUM
38.05
98.26
48.09
184.40
Gross inflows
0.86
3.54
1.08
5.48
Net investment return
0.90
2.56
0.82
4.28
Regular income withdrawals and maturities
(0.08)
(1.24)
-
(1.32)
Surrenders and part-surrenders
(0.55)
(1.14)
(0.94)
(2.63)
Closing FUM
39.18
101.98
49.05
190.21
Net inflows/(outflows)
0.23
1.16
0.14
1.53
Implied surrender rate as a percentage of average FUM
5.7%
4.6%
7.7%
5.6%

 

-3-

 

Twelve months ended 31 December 2025
Investment bond
Pension
UT/ISA and
DFM
Total
£'Billion
£'Billion
£'Billion
£'Billion
Opening FUM
39.18
101.98
49.05
190.21
Gross inflows
3.02
13.86
5.00
21.88
Net investment return
4.38
13.47
5.79
23.64
Regular income withdrawals and maturities
(0.33)
(4.88)
-
(5.21)
Surrenders and part-surrenders
(2.13)
(4.49)
(3.89)
(10.51)
Closing FUM
44.12
119.94
55.95
220.01
Net inflows/(outflows)
0.56
4.49
1.11
6.16
Implied surrender rate as a percentage of average FUM
5.1%
4.0%
7.4%
5.1%

 

 

Twelve months ended 31 December 2024
Investment bond
Pension
UT/ISA and
DFM
Total
£'Billion
£'Billion
£'Billion
£'Billion
Opening FUM
35.99
87.32
44.89
168.20
Gross inflows
2.42
12.06
3.93
18.41
Net investment return
3.37
10.03
4.28
17.68
Regular income withdrawals and maturities
(0.36)
(3.92)
-
(4.28)
Surrenders and part-surrenders
(2.24)
(3.51)
(4.05)
(9.80)
Closing FUM
39.18
101.98
49.05
190.21
Net inflows/(outflows)
(0.18)
4.63
(0.12)
4.33
Implied surrender rate as a percentage of average FUM
6.0%
3.7%
8.6%
5.5%

 

 

2.     Analysis of funds under management

 

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

 

31 December 2025
31 December 2024
£'Billion
Percentage
of total
£'Billion
Percentage
of total
North American equities
83.6
38%
74.9
39%
Fixed income securities
36.8
17%
31.6
17%
European equities
31.0
14%
24.3
13%
Asia and Pacific equities
30.1
14%
24.0
13%
UK equities
19.6
9%
16.0
8%
Cash
9.7
4%
6.9
4%
Other
4.5
2%
5.0
2%
Alternative investments
4.2
2%
6.2
3%
Property
0.5
0%
1.3
1%
Total
220.0
100%
190.2
100%

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 
  END

 

 
TSTDZGZMNRZGVZM