TIDMSTJ
RNS Number : 9224N
St. James's Place PLC
24 January 2019
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ST. JAMES'S PLACE plc
27 St. James's Place, London SW1A 1NR
Telephone 020 7493 8111 Facsimile 020 7493 2382
PRESS RELEASE
24 January 2019
ST. JAMES'S PLACE WEALTH MANAGEMENT
ST. JAMES'S PLACE ADDS GBP2.6 BILLION OF NET INFLOWS IN FOURTH
QUARTER
DESPITE CHALLENGING MARKET CONDITIONS
St. James's Place plc ("SJP"), the wealth management group,
today issues an update on new business inflows and funds under
management for the twelve months ended 31 December 2018.
-- Gross inflows of funds of GBP15.7 billion - up 8%
-- Continued strong retention of client funds - 96%
-- Net inflow of funds of GBP10.3 billion - up 8%
-- Group funds under management of GBP95.6 billion - up 5%
-- Qualified advisers 3,954 - up 8%
Andrew Croft, Chief Executive, commented:
"Against the particularly difficult market conditions that
prevailed in the final quarter and compared to an exceptional
outcome in 2017, I am pleased to report another good set of results
that demonstrate the resilience of our business. However, our
clients and advisers are not immune to such external market factors
and, whilst the quarter began strongly, inflows weakened in the
final two months resulting in gross inflows for the fourth quarter
of GBP3.95 billion. This was a robust performance, though slightly
lower than our record fourth quarter last year, and resulted in
full-year gross inflows of GBP15.7 billion, which represents growth
of 8% over 2017.
The continued strength in retention of clients and their
investments resulted in net inflows of GBP2.6 billion in the final
quarter and GBP10.3 billion for the year, an increase of 8% over
the previous 12 months and equivalent to 11% of opening funds under
management. Total funds under management were negatively impacted
by lower global investment markets, closing the period at GBP95.6
billion, up 5% since the beginning of the year.
Central to our approach to wealth management is the importance
we place on building and maintaining long lasting relationships
with, and between, our Partners and clients and serving them well.
We continue to see a growing demand for advice and believe the
strength, quality and growth of our own dedicated team of advisers
affords us key competitive advantage. It is therefore particularly
pleasing to report a further 8% increase in the number of qualified
advisers working across our Partner businesses, which takes the
total to 3,954. This sustained momentum in adviser recruitment
underpins our growth aspirations.
While challenging market conditions, like those currently being
experienced, will slow the pace of fund inflows from time to time,
the fundamentals of our clients' financial planning requirements
remain unchanged. I firmly believe that, with continued focus on
achieving the best possible outcomes for our clients through the
provision of trusted face-to-face financial advice and our
distinctive investment management approach, we remain extremely
well placed to continue to grow our business in line with our
objectives over the medium term."
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The details of the announcement are attached.
Enquiries:
Andrew Croft, Chief Executive Tel: 020 7514 1963
Officer
Craig Gentle, Chief Financial Tel: 020 7514 1963
Officer
Hugh Taylor, Investor Relations Tel: 020 7514 1963
Brunswick Group Tel: 020 7404 5959
Charles Pretzlik Email: cpretzlik@brunswickgroup.com
Tom Burns Email: tburns@brunswickgroup.com
Contents
1. Funds under management
2. Analysis of funds under management
3. Gross inflow figures
4. Analysis of Partner and adviser numbers
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1. Funds under Management
Twelve Months Ended 31 December 2018 Investment Pension UT/ISA & DFM Total
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Opening funds under management 28.31 36.15 26.29 90.75
Gross inflows 2.41 8.76 4.53 15.70
Net investment return (1.60) (1.98) (1.90) (5.48)
Regular income withdrawals and maturities (0.51) (1.12) - (1.63)
Surrenders and part surrenders (0.99) (1.09) (1.71) (3.79)
Closing funds under management 27.62 40.72 27.21 95.55
============ ============ ============= ============
Net inflows 0.91 6.55 2.82 10.28
============ ============ ============= ============
Implied surrender rate as a percentage of average
funds under management 3.5% 2.8% 6.4% 4.1%
Included within "UT/ISA & DFM" are closing funds under
management of GBP2.31 billion, gross inflows of GBP0.54 billion and
outflows of GBP0.10 billion in relation to the Rowan Dartington
Group funds under management.
In addition, there is a further GBP403 million of funds under
management in third party funds within our Asia business.
Twelve Months Ended 31 December 2017 Investment Pension UT/ISA & DFM Total
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Opening funds under management 25.88 28.25 21.18 75.31
Gross inflows 2.49 7.26 4.85 14.60
Net investment return 1.69 2.70 1.81 6.20
Regular income withdrawals and maturities (0.56) (0.96) - (1.52)
Surrenders and part surrenders (1.06) (0.96) (1.55) (3.57)
Matching strategy disinvestment (0.13) (0.14) - (0.27)
------------ ------------ ------------- ------------
Closing funds under management 28.31 36.15 26.29 90.75
============ ============ ============= ============
Net inflows 0.87 5.34 3.30 9.51
============ ============ ============= ============
Implied surrender rate as a percentage of average
funds under management 3.9% 3.0% 6.5% 4.3%
Included within "UT/ISA & DFM" are closing funds under
management of GBP2.11 billion, gross inflows of GBP0.49 billion and
outflows of GBP0.10 billion in relation to the Rowan Dartington
Group funds under management.
In addition, there is a further GBP496 million of funds under
management in third party funds within our Asia business.
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Three Months Ended 31 December 2018 Investment Pension UT/ISA & DFM Total
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Opening funds under management 29.45 42.35 28.79 100.59
Gross inflows 0.65 2.17 1.13 3.95
Net investment return (2.09) (3.29) (2.26) (7.64)
Regular income withdrawals and maturities (0.14) (0.23) - (0.37)
Surrenders and part surrenders (0.25) (0.28) (0.45) (0.98)
------------ ------------ ------------- ------------
Closing funds under management 27.62 40.72 27.21 95.55
============ ============ ============= ============
Net inflows 0.26 1.66 0.68 2.60
============ ============ ============= ============
Three Months Ended 31 December 2017 Investment Pension UT/ISA & DFM Total
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Opening funds under management 27.48 33.44 24.77 85.69
Gross inflows 0.64 2.22 1.28 4.14
Net investment return 0.54 1.03 0.64 2.21
Regular income withdrawals and maturities (0.14) (0.26) - (0.40)
Surrenders and part surrenders (0.21) (0.28) (0.40) (0.89)
Closing funds under management 28.31 36.15 26.29 90.75
============ ============ ============= ============
Net inflows 0.29 1.68 0.88 2.85
============ ============ ============= ============
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2. Analysis of Funds under Management
The following table provides an analysis of the funds under
management at 31 December split by geography and asset type:
31 December 2018 31 December 2017
GBP'Billion % of total GBP'Billion % of total
North American Equities 20.7 22% 20.0 22%
Fixed Interest 18.6 19% 16.7 19%
UK Equities 17.7 18% 19.3 21%
Asia & Pacific Equities 10.2 11% 8.5 9%
European Equities 10.1 11% 10.5 12%
Cash 6.7 7% 6.6 7%
Alternative Investments 4.6 5% 2.6 3%
Property 3.0 3% 2.9 3%
Other 4.0 4% 3.6 4%
------------ ----------- ------------ -----------
Total 95.6 100% 90.7 100%
============ =========== ============ ===========
3. Gross Inflow Figures
Unaudited Unaudited
3 Months to 12 Months to
31 December 31 December
2018 2017 2018 2017
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Gross inflows
Investment 0.65 0.64 2.41 2.49
Pension 2.17 2.22 8.76 7.26
Unit Trust/ISA & DFM 1.13 1.28 4.53 4.85
------------ ------------ ------------ ------------
3.95 4.14 -5% 15.70 14.60 +8%
============ ============ ============ ============
4. Analysis of Partner and Adviser Numbers
Within 2,489 Partner businesses (2017: 2,415), we now have 3,954
qualified advisers (2017: 3,661).
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.
END
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