TIDMSTJ
RNS Number : 1648D
St. James's Place PLC
25 April 2017
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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
25 April 2017
ST. JAMES'S PLACE WEALTH MANAGEMENT
ANOTHER RECORD QUARTER WITH GROSS INFLOWS UP 32%
AND NET INFLOWS UP 46%
St. James's Place plc ("SJP"), the wealth management group,
today issues an update on new business inflows and funds under
management for the three months ended 31 March 2017.
-- Gross inflow of funds under management of GBP3.23 billion
(2016: GBP2.45 billion)
-- Continued strong retention of client funds - 95%
-- Net inflow of funds under management of GBP1.99 billion
(2016: GBP1.36 billion)
-- Group funds under management of GBP79.84 billion (2016:
GBP62.02 billion)
David Bellamy, Chief Executive, commented:
"I am pleased to report another strong quarter of growth.
Building on record flows in 2016, total gross inflows for the
quarter were 32% higher which, supported by the continued high
retention of clients and their investments, resulted in net inflows
of GBP1.99 billion for the quarter, taking Group funds under
management to a little under GBP80 billion.
At the beginning of the year I said we were better placed for
the opportunities that lie ahead than ever before and these gross
and net inflow figures reinforce that confidence.
Looking ahead, whilst political and macro uncertainties persist,
the more immediate concern for many people relates to personal
financial matters, particularly in relation to long term savings,
protecting and preserving wealth, tax and intergenerational
planning. In this regard, the scale and quality of our
relationship-based and advice-led approach to the management of our
clients' financial affairs, together with our investment management
proposition, means we are increasingly well placed to meet this
growing need for trusted advice."
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The details of the announcement are attached.
Enquiries:
David Bellamy, Chief Executive Tel: 020 7514 1963
Officer
Andrew Croft, Chief Financial Tel: 020 7514 1963
Officer
Tony Dunk, Investor Relations Tel: 020 7514 1963
Director
Bell Pottinger Tel: 020 3772 2566
John Sunnucks
Ben Woodford Email: Bwoodford@BellPottinger.com
Contents
1. Funds under management
2. Analysis of funds under management
3. Gross inflow figures
4. EEV net asset value per share
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1. Funds under Management
During the first quarter of 2017 gross inflows to our funds
under management were up 32% at GBP3.23 billion (2016: GBP2.45
billion) and we continue to experience high retention of existing
clients and their investments, such that we are able to report net
inflows of GBP1.99 billion (2016: GBP1.36 billion) in the
quarter.
Three Months Ended 31 March 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 0.58 1.47 1.18 3.23
Net investment return 0.82 1.17 0.82 2.81
Regular income withdrawals and maturities (0.14) (0.23) - (0.37)
Surrenders and part surrenders (0.27) (0.22) (0.38) (0.87)
Matching strategy disinvestment (0.13) (0.14) - (0.27)
------------ ------------ ------------- ------------
Closing funds under management 26.74 30.30 22.80 79.84
============ ============ ============= ============
Net inflows 0.17 1.02 0.80 1.99
------------ ------------ ------------- ------------
Implied surrender rate as a percentage of average
funds under management 4.1% 3.0% 6.9% 4.5%
------------ ------------ ------------- ------------
Included within "UT/ISA & DFM" are gross inflows of GBP0.09
billion and outflows of GBP0.02 billion in relation to the Rowan
Dartington Group funds under management.
Opening funds under management for investments and pensions
include equal and opposite adjustments of GBP0.38 billion related
to a reclassification of investment returns arising in the fourth
quarter of 2016. There is no impact on total opening funds under
management arising from this reclassification.
As disclosed in our 2016 full year results, at year end we
reassessed the value of the investment contract unit liability to
better reflect experience and to match the encashment value of
client investments. As a result, since then we have disinvested
GBP267 million of shareholder assets from Group funds under
management, reflecting the fact their investment is no longer
required for liability matching purposes.
In addition, there is a further GBP526 million of funds under
management in third party funds within our Asia business.
Three Months Ended 31 March 2016 Investment Pension UT/ISA & DFM Total
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Opening funds under management 22.52 20.86 15.23 58.61
Rowan Dartington acquisition - - 1.26 1.26
Gross inflows 0.46 1.18 0.81 2.45
Net investment return 0.17 0.49 0.13 0.79
Regular income withdrawals and maturities (0.13) (0.21) (0.01) (0.35)
Surrenders and part surrenders (0.19) (0.26) (0.29) (0.74)
------------ ------------ ------------- ------------
Closing funds under management 22.83 22.06 17.13 62.02
============ ============ ============= ============
Net inflows 0.14 0.71 0.51 1.36
------------ ------------ ------------- ------------
Implied surrender rate as a percentage of average
funds under management 3.4% 3.7% 6.9% 4.5%
------------ ------------ ------------- ------------
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Included within "UT/ISA & DFM" are gross inflows of GBP0.04
billion and outflows of GBP0.01 billion in relation to the Rowan
Dartington Group funds under management.
In addition, there is a further GBP421 million of funds under
management in third party funds within our Asia business.
2. Analysis of Funds under Management
The following table provides an analysis of the funds under
management at 31 March 2017 split by geography and asset type:
31 March 2017 31 March 2016
GBP'Billion % of total GBP'Billion % of total
UK Equities 18.3 23% 15.4 25%
North American Equities 18.3 23% 13.8 22%
Fixed Interest 13.7 17% 9.8 16%
European Equities 9.1 12% 6.4 10%
Asia & Pacific Equities 6.6 8% 5.1 8%
Cash 5.9 7% 4.4 7%
Property 2.6 3% 2.3 4%
Alternative Investments 2.1 3% 1.4 2%
Other 3.2 4% 3.4 6%
------------ ----------- ------------ -----------
Total 79.8 100% 62.0 100%
============ =========== ============ ===========
Included within "Other" in the prior period is GBP1.3 billion in
relation to Rowan Dartington Group funds under management. The
equivalent for 2017 has been allocated to the appropriate asset
class.
3. Gross Inflow Figures
Unaudited
3 Months to
31 March
2017 2016
GBP'Billion GBP'Billion
Gross inflows
Investment 0.58 0.46 +26%
Pension 1.47 1.18 +25%
Unit Trust/ISA & DFM 1.18 0.81 +46%
------------ ------------
3.23 2.45 +32%
============ ============
4. EEV Net Asset Value per Share
The net asset value on the European Embedded Value basis at 31
March 2017 was approximately 945 pence per share (cum div) and 925
pence per share after the payment of the proposed full year
dividend on 12 May 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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