Net inflows halve at St James's Place over 2023
St James's Place CEO Mark FitzPatrick
Despite this, closing funds under management grew 13.4%, up to £168.2bn, while the firm's investment arm was the only to suffer net outflows, with £190m leaving the business over the year.
DFM flows remained flat, with the pensions arm making the only dent in inflows, adding a net £5.2bn over the 12 months to 31 December 2023.
St James's Place changes managers and reduces fees for two funds
North American equities continued to dominate SJP's FUM, comprising 34% of the total £168.2bn FUM, followed by fixed income (16%), European equities (14%) and Asia Pacific equities (14%).
UK equities continue to fall from favour, down to 10% of total FUM, but while its total representation fell, the capital invested in the asset class remained flat at £16bn.
Alternative investments saw the biggest decline in FUM, slipping to 6% of total FUM, while cash allocation grew on a FUM basis to £7.2bn.
St James's Place overhauls fee structure after regulatory pressure
SJP CEO Mark FitzPatrick said: «While the need for trusted face-to-face financial advice remains as strong as ever, client capacity and confidence to commit to long-term investment have been impacted by the economic environment and short-term alternatives in the form of cash deposit and savings rates.
»As we build on the strong foundations we have established over three decades, we continue to see a huge opportunity to support more clients who need help and advice."
The chief executive said that as the firm starts planning its vision for 2030, he is reviewing «all elements of our business to ensure we are fully fit for the future» and «best placed to keep delivering for all our stakeholders».
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