St James's Place reports lower Q3 net inflows amid uncertainty ahead of UK budget (updated)

St James's Place

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Adds shares move and analyst comment
Oct 29 (Reuters) - British wealth manager St. James's Place SJP.L reported a fall in third-quarter net inflows on Thursday as investors remained cautious in the lead-up to the UK budget and amid unpredictable markets, sending shares down as much as 5.7%.
Here are some details:
The group reported net inflows of £570 million ($760.04 million) for the quarter ending September 30, down from £1.76 billion a year ago 
Investors have pulled back from riskier assets as the Iran war and a global bond selloff clouded sentiment, reducing trading activity
The company added that the lower net inflows also reflected a strong comparative period last year, which benefited from high levels of activity linked to its then-new charging structure 
Funds under management as at September 30 were £242.4 billion, compared to £212.4 billion as of September 30 last year
The inheritance tax levy on unused pension assets set to come into effect from April next year will be a headwind, JPM analysts said
Analysts also noted that retaining assets on the platform may prove challenging as more advisers approach retirement
($1 = 0.7500 pounds)

 (Reporting by Simone Lobo in Bengaluru; Editing by Jochelle Mendonca)
 ((Simone.Lobo@thomsonreuters.com, +919920570373))