Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

SJP's inflows surge 26% to £1.2bn in Q1 as it closes in on Asian acquisition

SJP's inflows surge 26% to £1.2bn in Q1 as it closes in on Asian acquisition

St. James’s Place saw net inflows surge by 26% to £1.2 billion in the first quarter, pushing assets under management up to £45.8 billion.

Total new single investments rose by 22% to £1.8 billion while net inflows of funds under management of £1.2 billion represented a 26% rise on the £900 million attracted in the same period last year. Total funds under management, at £45.8 billion, are up 17% over 12 months and 3.4% since the start of 2014.

Chief executive David Bellamy (pictured) gave a confident outlook, pointing to the company’s upcoming tie-up with the fledgling Woodford Investment Management and further afield, its pending acquisition of Singapore-based expat advisory, Henley Group. He said SJP is close to achieving regulatory approval for this deal.

Earlier this month SJP announced it was withdrawing a £7 billion mandate from Invesco Perpetual, with £3.5 billion being moved over to Woodford’s soon to be launched firm and the remainder being invested with Threadneedle. It also unveiled tie-ups with Wasatch Advisors and Manulife Asset Management.

‘The fact that we are able to attract and retain some of the most respected asset managers from around the world is a strong endorsement for our investment proposition,’ Bellamy said.

‘Whilst providing real added value to our UK based clients, it will also underpin our expansion into the Far East expatriate market where we are close to receiving the necessary regulatory approvals to complete the acquisition of the Singapore based Henley Group.’

‘Demand for trusted wealth management advice remains as high as ever which, twinned with good growth in partner numbers in recent years, means that we are well placed to maintain momentum in our business in line with our medium term growth objectives.’

Bellamy also said SJP had no fears over scrutiny from the Financial Conduct Authority (FCA) over the way it disclosed costs.

Earlier this month the regulator found 73% of firms failed to provide the required information on the cost of advice and two firms were likely to face enforcement action over their failures in this area.

Bellamy said SJP was not one of the two firms and added: ‘We have an incredibly transparent model. We have been complimented on the transparency of our cost and disclosures by independent surveys.

‘The FCA has no issue with our cost disclosure and we are in a good space.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
1 Comment Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Play CEO Tapes: 'we're just a bunch of white dudes sitting here'

CEO Tapes: 'we're just a bunch of white dudes sitting here'

In our brand new series, eight CEOs discuss how the industry could do a better job for female fund managers.

Read More
Wealth Manager on Twitter