St. James's Place PLC Q1 New Business Inflows and Funds Under Management (5777J)
28 April 2022 - 4:00PM
UK Regulatory
TIDMSTJ
RNS Number : 5777J
St. James's Place PLC
28 April 2022
-1-
PRESS RELEASE
28 April 2022
ST. JAMES'S PLACE REPORTS RECORD NET INFLOWS IN THE FIRST
QUARTER
St. James ' s Place plc ('SJP') today issues an update on new
business inflows and funds under management for the three months
ended 31 March 2022.
Q1 2022 Q1 2021
----------- -----------
GBP'Billion GBP'Billion
------------------------------------------------------- ----------- -----------
Gross inflows 4.73 4.79
Net inflows 2.91 2.90
Closing funds under management 151.25 135.46
Funds under management retention rate (full year) 96.6% 95.8%
Net inflows/opening funds under management (full year) 7.6% 9.0%
------------------------------------------------------- ----------- -------------
Andrew Croft, Chief Executive Officer, commented:
" I am pleased to report another strong quarter for St. James's
Place that maintains the momentum developed during 2021. Whilst the
landscape was significantly impacted by the tragic events in
Ukraine since February, we continued to see high levels of activity
throughout the period as advisers and clients sought ways of
mitigating the risks posed to long-term financial planning by
higher inflation and macroeconomic and geopolitical uncertainty.
This highlights the ongoing resilience of our business model.
Our gross and net inflows of GBP4.73 billion and GBP2.91 billion
respectively were broadly in line with the first quarter of 2021,
which was an exceptionally strong period for gross inflows as
sentiment improved markedly following the start of the COVID-19
vaccine rollout in the UK. Retention of client investments
continued to hold at a very strong level and this, coupled with our
strong inflows, resulted in annualised net inflows as a percentage
of opening funds under management of 7.6% (2021: 9.0%). This was
moderated by negative investment market returns in the period,
which took funds under management to GBP151.25 billion at 31 March
2022.
Our results for the first quarter of 2022 are a credit to
everyone in the SJP community and in particular to the Partnership
who provide much needed support for clients seeking to navigate the
impact that complexity and uncertainty can have on their long-term
financial well-being. Our performance so far this year means that
we remain comfortable with consensus expectations for new business
growth in 2022 and are confident of delivering on the broader
ambitions of our 2025 plan."
The details of the announcement are attached.
Enquiries:
Hugh Taylor, Director - Investor Relations Tel: 07818 075143
Jamie Dunkley, External Communications Director Tel: 07779 999651
Brunswick Group: Tel: 020 7404 5959
Charles Pretzlik Email: cpretzilk@brunswickgroup.com
Eilis Murphy Email: emurphy@brunswickgroup.com
-2-
Contents
1. Funds under management
2. Analysis of funds under management
3. EEV net asset value per share
1. Funds under management
Investment Pension UT/ISA and DFM Total
------------------------------------------------------ ----------- ----------- -------------- -----------
Three months ended 31 March 2022 GBP'Billion GBP'Billion GBP'Billion GBP'Billion
------------------------------------------------------ ----------- ----------- -------------- -----------
Opening FUM 35.95 74.83 43.21 153.99
Gross inflows 0.63 2.53 1.57 4.73
Net investment return (1.15) (2.80) (1.70) (5.65)
Regular income withdrawals and maturities (0.08) (0.42) - (0.50)
Surrenders and part-surrenders (0.38) (0.39) (0.55) (1.32)
------------------------------------------------------ ----------- ----------- -------------- -----------
Closing FUM 34.97 73.75 42.53 151.25
------------------------------------------------------ ----------- ----------- -------------- -----------
Net inflows 0.17 1.72 1.02 2.91
Implied surrender rate as a percentage of average FUM 4.4% 2.0% 5.1% 3.4%
------------------------------------------------------ ----------- ----------- -------------- -----------
Included in the table above is:
-- Rowan Dartington Group FUM of GBP3.42 billion at 31 March
2022, gross inflows of GBP0.13 billion for the quarter and outflows
of GBP0.04 billion.
-- SJP Asia FUM of GBP1.56 billion at 31 March 2022, gross
inflows of GBP0.08 billion for the quarter and outflows of GBP0.02
billion.
Investment Pension UT/ISA and DFM Total
------------------------------------------------------ ----------- ----------- -------------- -----------
Three months ended 31 March 2021 GBP'Billion GBP'Billion GBP'Billion GBP'Billion
------------------------------------------------------ ----------- ----------- -------------- -----------
Opening FUM 32.22 61.31 35.81 129.34
Gross inflows 0.58 2.69 1.52 4.79
Net investment return 0.80 1.52 0.90 3.22
Regular income withdrawals and maturities (0.08) (0.41) - (0.49)
Surrenders and part-surrenders (0.42) (0.36) (0.62) (1.40)
------------------------------------------------------ ----------- ----------- -------------- -----------
Closing FUM 33.10 64.75 37.61 135.46
------------------------------------------------------ ----------- ----------- -------------- -----------
Net inflows 0.08 1.92 0.90 2.90
Implied surrender rate as a percentage of average FUM 5.1% 2.3% 6.8% 4.2%
------------------------------------------------------ ----------- ----------- -------------- -----------
Included in the table above is:
-- Rowan Dartington Group FUM of GBP2.98 billion at 31 March
2021, gross inflows of GBP0.13 billion for the quarter and outflows
of GBP0.05 billion.
-- SJP Asia FUM of GBP1.28 billion at 31 March 2021, gross
inflows of GBP0.10 billion for the quarter and outflows of GBP0.02
billion.
-3-
2. Analysis of funds under management
The table below provides a geographical and investment-type
analysis of FUM at 31 March.
31 March 2022 31 March 2021
-------------------------- ----------------------- -----------------------
Percentage Percentage
GBP'Billion of total GBP'Billion of total
-------------------------- ----------- ---------- ----------- ----------
North American equities 45.9 30% 36.1 27%
Fixed income securities 25.2 17% 22.4 17%
UK equities 20.5 13% 19.2 14%
European equities 19.7 13% 14.8 11%
Asia and Pacific equities 17.2 11% 20.1 15%
Alternative investments 11.8 8% 10.9 8%
Cash 5.5 4% 6.5 5%
Property 2.7 2% 2.4 2%
Other 2.8 2% 3.1 1%
-------------------------- ----------- ---------- ----------- ----------
Total 151.3 100% 135.5 100%
-------------------------- ----------- ---------- ----------- ----------
3. EEV net asset value per share
The net asset value on the European Embedded Value basis at 31
March 2022 was approximately GBP16.35 per share (cum div) and
approximately GBP15.95 per share after the payment of the proposed
full year dividend on 27 May 2022.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTMZGZDDNMGZZM
(END) Dow Jones Newswires
April 28, 2022 02:00 ET (06:00 GMT)
St. James's Place (LSE:STJ)
Historical Stock Chart
From Apr 2024 to May 2024
St. James's Place (LSE:STJ)
Historical Stock Chart
From May 2023 to May 2024