-1-
PRESS
RELEASE
17 October
2024
SUSTAINED NET INFLOWS
AND INVESTMENT RETURNS DRIVE RECORD FUNDS UNDER
MANAGEMENT
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 2024.
Mark FitzPatrick, Chief Executive
Officer, commented:
"I am
pleased to report a strong quarter
for the Group, demonstrating the power of our business model
and the value inherent in the long and trusted relationships our
advisers enjoy with clients. We
have seen continued momentum in activity with clients engaging with
their advisers to ensure they continue to take the right course of
action for their finances. This activity has resulted in gross
inflows of £4.40 billion in the third quarter, 20% higher than in
Q3 2023.
Year-to-date
retention1 remains strong at 94.6%
(annualised), driving net inflows of £0.89
billion for the
quarter. The
rate of outflows was broadly consistent with recent periods.
Sustained net inflows, together with continued positive investment performance on behalf of our clients,
have
resulted in record funds under
management of £184.40 billion at 30 September 2024.
We continue to make progress
on our cost and
efficiency programme, our review of historic client servicing records
and the implementation of our new simple and comparable
charging structure. We are on track to
implement the new charging structure by
the second half of 2025, including tiering for
both ongoing product and initial advice
charges. Each of these
key programmes is progressing in
line with our plans and there is no change to our
existing financial guidance.
The macroeconomic
environment has improved since the beginning of the year,
but there continues to be
uncertainty in the outlook for consumers, savers and investors.
While speculation around the forthcoming Autumn Budget compounds
this, we know that our advisers are providing invaluable advice to our clients, helping them to
navigate the uncertainty and safeguard their
financial futures. With increasing client
numbers, sustained net inflows and growing funds under
management, our business is performing well and
we are positioning for further long-term success."
-2-
|
|
Q3
2024
|
Q3 2023
|
Q2 2024
|
|
|
£'Billion
|
£'Billion
|
£'Billion
|
|
Gross inflows
|
4.40
|
3.68
|
4.56
|
|
Net inflows
|
0.89
|
0.91
|
1.20
|
|
Closing funds under
management
|
184.40
|
158.57
|
181.86
|
|
|
|
|
|
|
Year-to-date funds under management
retention rate (annualised)1
|
94.6%
|
95.3%
|
94.6%
|
|
Year-to-date net inflows/opening
funds under management (annualised)
|
2.2%
|
3.9%
|
2.3%
|
1 Throughout this press release our retention rate is calculated
allowing for surrenders and part-surrenders. It excludes regular
income withdrawals and maturities.
Enquiries:
|
Hugh Taylor, Director - Investor
Relations
|
Tel: 07818 075143
|
|
Roy Beale, Divisional Director -
Media Relations
|
Tel: 07825 165329
|
|
Brunswick Group:
|
Tel: 020 7404 5959
|
|
Eilís Murphy
Charles Pretzlik
|
Email: sjp@brunswickgroup.com
|
Contents
1.
Funds under management
2.
Analysis of funds under management
3.
EEV net asset value per share
-3-
1. Funds under
management
|
Three months ended 30 September 2024
|
Investment
|
Pension
|
UT/ISA and DFM
|
Total
|
|
£'Billion
|
£'Billion
|
£'Billion
|
£'Billion
|
|
Opening FUM
|
37.90
|
96.26
|
47.70
|
181.86
|
|
Gross inflows
|
0.56
|
2.93
|
0.91
|
4.40
|
|
Net investment return
|
0.23
|
0.94
|
0.48
|
1.65
|
|
Regular income withdrawals and
maturities
|
(0.09)
|
(1.00)
|
-
|
(1.09)
|
|
Surrenders and
part-surrenders
|
(0.55)
|
(0.87)
|
(1.00)
|
(2.42)
|
|
Closing FUM
|
38.05
|
98.26
|
48.09
|
184.40
|
|
Net
(outflows)/inflows
|
(0.08)
|
1.06
|
(0.09)
|
0.89
|
|
Implied surrender rate as a percentage of average
FUM
|
5.8%
|
3.6%
|
8.4%
|
5.3%
|
|
Three months ended 30 September
2023
|
Investment
|
Pension
|
UT/ISA and
DFM
|
Total
|
|
£'Billion
|
£'Billion
|
£'Billion
|
£'Billion
|
|
Opening FUM
|
34.36
|
79.87
|
43.29
|
157.52
|
|
Gross inflows
|
0.51
|
2.42
|
0.75
|
3.68
|
|
Net investment return
|
0.14
|
0.26
|
(0.26)
|
0.14
|
|
Regular income withdrawals and
maturities
|
(0.07)
|
(0.65)
|
-
|
(0.72)
|
|
Surrenders and
part-surrenders
|
(0.51)
|
(0.59)
|
(0.95)
|
(2.05)
|
|
Closing FUM
|
34.43
|
81.31
|
42.83
|
158.57
|
|
Net (outflows)/inflows
|
(0.07)
|
1.18
|
(0.20)
|
0.91
|
|
Implied surrender rate as a
percentage of average FUM
|
5.9%
|
2.9%
|
8.8%
|
5.2%
|
-4-
|
Nine
months ended 30 September 2024
|
Investment
|
Pension
|
UT/ISA and
DFM
|
Total
|
|
£'Billion
|
£'Billion
|
£'Billion
|
£'Billion
|
|
Opening FUM
|
35.99
|
87.32
|
44.89
|
168.20
|
|
Gross inflows
|
1.56
|
8.52
|
2.85
|
12.93
|
|
Net investment return
|
2.47
|
7.47
|
3.46
|
13.40
|
|
Regular income withdrawals and
maturities
|
(0.28)
|
(2.68)
|
-
|
(2.96)
|
|
Surrenders and
part-surrenders
|
(1.69)
|
(2.37)
|
(3.11)
|
(7.17)
|
|
Closing FUM
|
38.05
|
98.26
|
48.09
|
184.40
|
|
Net
(outflows)/inflows
|
(0.41)
|
3.47
|
(0.26)
|
2.80
|
|
Implied surrender rate as a percentage of average
FUM
|
6.1%
|
3.4%
|
8.9%
|
5.4%
|
|
Nine months ended 30 September
2023
|
Investment
|
Pension
|
UT/ISA and
DFM
|
Total
|
|
£'Billion
|
£'Billion
|
£'Billion
|
£'Billion
|
|
Opening FUM
|
33.29
|
73.86
|
41.22
|
148.37
|
|
Gross inflows
|
1.61
|
7.31
|
2.80
|
11.72
|
|
Net investment return
|
1.22
|
3.36
|
1.27
|
5.85
|
|
Regular income withdrawals and
maturities
|
(0.28)
|
(1.71)
|
-
|
(1.99)
|
|
Surrenders and
part-surrenders
|
(1.41)
|
(1.51)
|
(2.46)
|
(5.38)
|
|
Closing FUM
|
34.43
|
81.31
|
42.83
|
158.57
|
|
Net (outflows)/inflows
|
(0.08)
|
4.09
|
0.34
|
4.35
|
|
Implied surrender rate as a
percentage of average FUM
|
5.6%
|
2.6%
|
7.8%
|
4.7%
|
-5-
2. Analysis of funds under
management
The table below provides a
geographical and investment-type analysis of FUM at 30
September.
|
|
30
September 2024
|
30 September 2023
|
|
£'Billion
|
Percentage
of
total
|
£'Billion
|
Percentage
of total
|
|
North American equities
|
68.4
|
37%
|
54.2
|
34%
|
|
Fixed income securities
|
30.9
|
17%
|
24.5
|
16%
|
|
European equities
|
25.8
|
14%
|
22.8
|
14%
|
|
Asia and Pacific equities
|
23.4
|
13%
|
19.6
|
12%
|
|
UK equities
|
15.6
|
8%
|
15.5
|
10%
|
|
Cash
|
7.2
|
4%
|
5.6
|
4%
|
|
Alternative investments
|
6.8
|
4%
|
11.2
|
7%
|
|
Other
|
4.8
|
2%
|
3.3
|
2%
|
|
Property
|
1.5
|
1%
|
1.9
|
1%
|
|
Total
|
184.4
|
100%
|
158.6
|
100%
|
3. EEV net asset value per
share
The net asset value on the European
Embedded Value basis at 30 September 2024 was approximately £16.22
per share.