-1-
PRESS
RELEASE
30 January
2025
NET INFLOWS AND STRONG
INVESTMENT RETURNS FOR CLIENTS 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
year ended 31 December 2024.
Mark FitzPatrick, Chief Executive
Officer, commented:
"I am pleased to report a strong
final quarter for SJP. Our advisers attracted £5.5 billion of new
client investments to the business, continuing the momentum that
began to build earlier in the year and bringing our annual gross
inflows to £18.4 billion, up 20% on 2023. Annual retention of
client investments remained high, supporting an improvement in net
inflows to £1.5 billion for the final quarter and bringing the
total to £4.3 billion for the year. Our investment management
approach has continued to work well for our clients, with our
portfolios delivering strong returns that compare favourably
against peer groups. This, together with another year of net
inflows, drove our funds under management (FUM) to £190.2 billion
at 31 December 2024; a record for FUM.
The run
up to the Autumn Budget created uncertainty for UK consumers and
led to an increase in both gross inflows and outflows in the month
of October. Client engagement levels were high throughout the
quarter as our advisers provided support, reassurance and
invaluable advice that helped clients navigate the uncertainty and
safeguard their long-term financial futures.
We continue to focus on our three
key programmes of work and as we approach the final stages of
implementing our simple and comparable charging structure, we
remain on track for delivery by the second half of 2025 and in line
with our financial guidance. The work to review historic client
servicing records and implement our cost and efficiency programme
continues to progress as planned.
SJP has had a successful year. We
have increased our client and adviser numbers, sustained net
inflows and achieved record FUM. Looking forward, we see a growing
need for trusted financial advice, and I am confident in our
ability to capture this and deliver great outcomes for clients and
all our stakeholders."
-2-
|
|
2024
|
2023
|
|
|
|
£'Billion
|
£'Billion
|
|
|
Gross inflows
|
18.41
|
15.39
|
|
Net inflows
|
4.33
|
5.12
|
|
Net investment return
|
17.68
|
14.71
|
|
Closing funds under
management
|
190.21
|
168.20
|
|
|
|
|
|
Funds under management retention
rate1
|
94.5%
|
95.3%
|
|
Net inflows/opening funds under
management
|
2.6%
|
3.5%
|
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
|
|
Angela Warburton, Director - External
Communications
|
Tel: 07912 281502
|
|
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
1. Funds under
management
|
Three months ended 31 December 2024
|
Investment
|
Pension
|
UT/ISA and
DFM
|
Total
|
|
£'Billion
|
£'Billion
|
£'Billion
|
£'Billion
|
|
Opening FUM
|
38.05
|
98.26
|
48.09
|
184.40
|
|
Gross inflows
|
0.86
|
3.54
|
1.08
|
5.48
|
|
Net investment return
|
0.90
|
2.56
|
0.82
|
4.28
|
|
Regular income withdrawals and
maturities
|
(0.08)
|
(1.24)
|
-
|
(1.32)
|
|
Surrenders and
part-surrenders
|
(0.55)
|
(1.14)
|
(0.94)
|
(2.63)
|
|
Closing FUM
|
39.18
|
101.98
|
49.05
|
190.21
|
|
Net
inflows/(outflows)
|
0.23
|
1.16
|
0.14
|
1.53
|
|
Implied surrender rate as a percentage of average
FUM
|
5.7%
|
4.6%
|
7.7%
|
5.6%
|
-3-
|
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%
|
|
Twelve months ended 31 December 2024
|
Investment
|
Pension
|
UT/ISA and
DFM
|
Total
|
|
£'Billion
|
£'Billion
|
£'Billion
|
£'Billion
|
|
Opening FUM
|
35.99
|
87.32
|
44.89
|
168.20
|
|
Gross inflows
|
2.42
|
12.06
|
3.93
|
18.41
|
|
Net investment return
|
3.37
|
10.03
|
4.28
|
17.68
|
|
Regular income withdrawals and
maturities
|
(0.36)
|
(3.92)
|
-
|
(4.28)
|
|
Surrenders and
part-surrenders
|
(2.24)
|
(3.51)
|
(4.05)
|
(9.80)
|
|
Closing FUM
|
39.18
|
101.98
|
49.05
|
190.21
|
|
Net
inflows/(outflows)
|
(0.18)
|
4.63
|
(0.12)
|
4.33
|
|
Implied surrender rate as a percentage of average
FUM
|
6.0%
|
3.7%
|
8.6%
|
5.5%
|
|
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%
|
-4-
2. Analysis of funds under
management
The table below provides a
geographical and investment-type analysis of FUM at 31
December.
|
|
31
December 2024
|
31 December 2023
|
|
£'Billion
|
Percentage
of
total
|
£'Billion
|
Percentage
of total
|
|
North American equities
|
74.9
|
39%
|
57.4
|
34%
|
|
Fixed income securities
|
31.6
|
16%
|
27.1
|
16%
|
|
European equities
|
24.3
|
13%
|
23.6
|
14%
|
|
Asia and Pacific equities
|
24.0
|
13%
|
20.5
|
12%
|
|
UK equities
|
16.0
|
8%
|
16.0
|
10%
|
|
Cash
|
6.9
|
4%
|
7.2
|
4%
|
|
Alternative investments
|
6.2
|
3%
|
10.5
|
6%
|
|
Other
|
5.0
|
3%
|
4.1
|
3%
|
|
Property
|
1.3
|
1%
|
1.8
|
1%
|
|
Total
|
190.2
|
100%
|
168.2
|
100%
|
