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St. James's Place enjoys 'exceptional' start to the year

Thu 29 April 2021 07:33 | A A A

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(Sharecast News) - St. James Place experienced an "exceptional" start to the year as investors piled their accumulated savings into longer-term investments.

Activity was further boosted by tax year-end planning, the asset manager said.

"The moderate growth in new business that we saw in the early weeks of 2021 gathered pace through the quarter as confidence improved and clients sought to commit accumulated savings to longer-term investments," St.James's Place chief executive officer, Andrew Croft said.

Over the three months ending on 31 March, gross inflows jumped 18.6% versus the comparable year ago period to reach £4.79bn, while net inflows strengthened by 22.3% to £2.90bn.

Closing funds under management meanwhile were at £135.46bn, up from £101.67bn 12 months before and by 5% from the beginning of 2021.

The firm also improved its full-year retention rate for funds under management from 95.4% to 95.8%.

"Although COVID-19 restrictions and economic uncertainty continue, the demand for trusted advice is stronger than ever and I am confident that, given the quality of the Partnership and the strength of our client proposition, we are well placed to deliver another good year for St. James's Place."

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