-1-
PRESS
RELEASE
25 January
2024
ST. JAMES'S PLACE REPORTS
RECORD FUNDS UNDER MANAGEMENT
St. James's Place plc ('SJP') today issues an
update on new business inflows and funds under management for the
year ended 31 December 2023.
|
2023
|
2022
|
|
|
£'Billion
|
£'Billion
|
|
Gross inflows
|
15.39
|
17.03
|
Net inflows
|
5.12
|
9.78
|
Closing funds under
management
|
168.20
|
148.37
|
|
|
|
Funds under management retention
rate1
|
95.3%
|
96.5%
|
Net inflows/opening funds under
management
|
3.5%
|
6.4%
|
|
|
|
Number of qualified advisers at
close
|
4,834
|
4,693
|
1 Throughout this press release our retention rate is calculated
allowing for surrenders and part-surrenders. It excludes regular
income withdrawals and maturities.
Mark FitzPatrick, Chief Executive
Officer, commented:
"I am pleased to report that SJP's
new business performance has remained robust during the final
quarter, with our advisers attracting £3.7 billion of new client
investments to the business. This rounds out a solid year in which
we achieved £15.4 billion of total gross inflows and £5.1 billion
of net inflows despite a difficult industry backdrop.
Annual retention rates remain very strong at more
than 95%.
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. Outside of SJP funds
under management, net flows into the SJP Cash Deposit Service
managed by Flagstone increased significantly during 2023, with
client deposit balances now totalling £3.9 billion (31 December
2022: £2.5 billion).
Our IMA performed very well during
2023, delivering strong investment returns relative to peers for
the benefit of our clients. This, combined with ongoing net
inflows, has driven funds under management to a record £168.2
billion.
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. I want SJP to capture this long-term opportunity, so as we
start planning our vision for 2030 I am 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."
The details of the announcement are
attached.
Enquiries:
Hugh Taylor, Director - Investor
Relations
|
Tel: 07818 075143
|
Jamie Dunkley, Director - External
Communications
|
Tel: 07779 999651
|
Brunswick Group:
|
Tel: 020 7404 5959
|
Eilis Murphy
Charles Pretzlik
|
Email: sjp@brunswickgroup.com
|
Contents
1. Funds
under management
2. Analysis
of funds under management
-2-
1.
Funds under management
Three months ended 31 December 2023
|
Investment
|
Pension
|
UT/ISA and
DFM
|
Total
|
£'Billion
|
£'Billion
|
£'Billion
|
£'Billion
|
Opening FUM
|
34.43
|
81.31
|
42.83
|
158.57
|
Gross inflows
|
0.48
|
2.46
|
0.73
|
3.67
|
Net investment return
|
1.67
|
4.87
|
2.32
|
8.86
|
Regular income withdrawals and
maturities
|
(0.08)
|
(0.70)
|
-
|
(0.78)
|
Surrenders and
part-surrenders
|
(0.51)
|
(0.62)
|
(0.99)
|
(2.12)
|
Closing FUM
|
35.99
|
87.32
|
44.89
|
168.20
|
Net
inflows/(outflows)
|
(0.11)
|
1.14
|
(0.26)
|
0.77
|
Implied surrender rate as a percentage of average
FUM
|
5.8%
|
2.9%
|
9.0%
|
5.2%
|
Included in the table above
is:
· Rowan
Dartington Group FUM of £3.43 billion at 31 December 2023, gross
inflows of £0.07 billion for the quarter and outflows of £0.04
billion.
· SJP
Asia FUM of £1.72 billion at 31 December 2023, gross inflows of
£0.06 billion for the quarter and outflows of £0.05
billion.
Three months ended 31 December
2022
|
Investment
|
Pension
|
UT/ISA and
DFM
|
Total
|
£'Billion
|
£'Billion
|
£'Billion
|
£'Billion
|
Opening FUM
|
32.54
|
70.67
|
39.93
|
143.14
|
Gross inflows
|
0.55
|
2.34
|
0.98
|
3.87
|
Net investment return
|
0.67
|
1.64
|
0.87
|
3.18
|
Regular income withdrawals and
maturities
|
(0.07)
|
(0.43)
|
-
|
(0.50)
|
Surrenders and
part-surrenders
|
(0.40)
|
(0.36)
|
(0.56)
|
(1.32)
|
Closing FUM
|
33.29
|
73.86
|
41.22
|
148.37
|
Net inflows
|
0.08
|
1.55
|
0.42
|
2.05
|
Implied surrender rate as a
percentage of average FUM
|
4.9%
|
2.0%
|
5.5%
|
3.6%
|
Included in the table above
is:
· Rowan
Dartington Group FUM of £3.29 billion at 31 December 2022, gross
inflows of £0.11 billion for the quarter and outflows of £0.05
billion.
· SJP
Asia FUM of £1.52 billion at 31 December 2022, gross inflows of
£0.06 billion for the quarter and outflows of £0.03
billion.
-3-
Twelve months ended 31 December 2023
|
Investment
|
Pension
|
UT/ISA and
DFM
|
Total
|
£'Billion
|
£'Billion
|
£'Billion
|
£'Billion
|
Opening FUM
|
33.29
|
73.86
|
41.22
|
148.37
|
Gross inflows
|
2.09
|
9.77
|
3.53
|
15.39
|
Net investment return
|
2.89
|
8.23
|
3.59
|
14.71
|
Regular income withdrawals and
maturities
|
(0.36)
|
(2.41)
|
-
|
(2.77)
|
Surrenders and
part-surrenders
|
(1.92)
|
(2.13)
|
(3.45)
|
(7.50)
|
Closing FUM
|
35.99
|
87.32
|
44.89
|
168.20
|
Net
inflows/(outflows)
|
(0.19)
|
5.23
|
0.08
|
5.12
|
Implied surrender rate as a percentage of average
FUM
|
5.5%
|
2.6%
|
8.0%
|
4.7%
|
Included in the table above
is:
· Rowan
Dartington Group FUM of £3.43 billion at 31 December 2023, gross
inflows of £0.36 billion for the year and outflows of £0.18
billion.
· SJP
Asia FUM of £1.72 billion at 31 December 2023, gross inflows of
£0.21 billion for the year and outflows of £0.15
billion.
Twelve months ended 31 December
2022
|
Investment
|
Pension
|
UT/ISA and
DFM
|
Total
|
£'Billion
|
£'Billion
|
£'Billion
|
£'Billion
|
Opening FUM
|
35.95
|
74.83
|
43.21
|
153.99
|
Gross inflows
|
2.31
|
9.90
|
4.82
|
17.03
|
Net investment return
|
(3.15)
|
(7.68)
|
(4.57)
|
(15.40)
|
Regular income withdrawals and
maturities
|
(0.29)
|
(1.72)
|
-
|
(2.01)
|
Surrenders and
part-surrenders
|
(1.53)
|
(1.47)
|
(2.24)
|
(5.24)
|
Closing FUM
|
33.29
|
73.86
|
41.22
|
148.37
|
Net inflows
|
0.49
|
6.71
|
2.58
|
9.78
|
Implied surrender rate as a
percentage of average FUM
|
4.4%
|
2.0%
|
5.3%
|
3.5%
|
Included in the table above
is:
· Rowan
Dartington Group FUM of £3.29 billion at 31 December 2022, gross
inflows of £0.44 billion for the year and outflows of £0.14
billion.
· SJP
Asia FUM of £1.52 billion at 31 December 2022, gross inflows of
£0.28 billion for the year and outflows of £0.10
billion.
-4-
2.
Analysis of funds under management
The table below provides a
geographical and investment-type analysis of FUM at 31
December.
|
31
December 2023
|
31 December 2022
|
£'Billion
|
Percentage
of
total
|
£'Billion
|
Percentage
of total
|
North American equities
|
57.4
|
34%
|
49.1
|
33%
|
Fixed income securities
|
27.1
|
16%
|
23.1
|
16%
|
European equities
|
23.6
|
14%
|
19.3
|
13%
|
Asia and Pacific equities
|
20.5
|
12%
|
17.8
|
12%
|
UK equities
|
16.0
|
10%
|
16.0
|
11%
|
Alternative investments
|
10.5
|
6%
|
12.4
|
8%
|
Cash
|
7.2
|
4%
|
5.7
|
4%
|
Other
|
4.1
|
3%
|
2.8
|
2%
|
Property
|
1.8
|
1%
|
2.2
|
1%
|
Total
|
168.2
|
100%
|
148.4
|
100%
|