STJ.L

St. James's Place Plc
St. James's Place - Q3 New Business Inflows and Funds Under Management
17th October 2024, 06:00
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RNS Number : 4751I
St. James's Place PLC
17 October 2024
 

 

-1-

 

PRESS RELEASE

 

17 October 2024

 

 SUSTAINED NET INFLOWS AND INVESTMENT RETURNS 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 three months ended 30 September 2024.

 

Mark FitzPatrick, Chief Executive Officer, commented:

 

"I am pleased to report a strong quarter for the Group, demonstrating the power of our business model and the value inherent in the long and trusted relationships our advisers enjoy with clients. We have seen continued momentum in activity with clients engaging with their advisers to ensure they continue to take the right course of action for their finances. This activity has resulted in gross inflows of £4.40 billion in the third quarter, 20% higher than in Q3 2023.

 

Year-to-date retention1 remains strong at 94.6% (annualised), driving net inflows of £0.89 billion for the quarter. The rate of outflows was broadly consistent with recent periods. Sustained net inflows, together with continued positive investment performance on behalf of our clients, have resulted in record funds under management of £184.40 billion at 30 September 2024.

 

We continue to make progress on our cost and efficiency programme, our review of historic client servicing records and the implementation of our new simple and comparable charging structure. We are on track to implement the new charging structure by the second half of 2025, including tiering for both ongoing product and initial advice charges. Each of these key programmes is progressing in line with our plans and there is no change to our existing financial guidance.

 

The macroeconomic environment has improved since the beginning of the year, but there continues to be uncertainty in the outlook for consumers, savers and investors. While speculation around the forthcoming Autumn Budget compounds this, we know that our advisers are providing invaluable advice to our clients, helping them to navigate the uncertainty and safeguard their financial futures. With increasing client numbers, sustained net inflows and growing funds under management, our business is performing well and we are positioning for further long-term success."

 

-2-

 

Q3 2024

Q3 2023

Q2 2024


£'Billion

£'Billion

£'Billion

Gross inflows

4.40

3.68

4.56

Net inflows

0.89

0.91

1.20

Closing funds under management

184.40

158.57

181.86

 

 



Year-to-date funds under management retention rate (annualised)1

94.6%

95.3%

94.6%

Year-to-date net inflows/opening funds under management (annualised)

2.2%

3.9%

2.3%

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

Roy Beale, Divisional Director - Media Relations

Tel: 07825 165329

 

Brunswick Group:

 

Tel: 020 7404 5959

Eilís Murphy

Charles Pretzlik

Email: sjp@brunswickgroup.com  

 

 

 

 

Contents

 

1.     Funds under management

2.     Analysis of funds under management

3.     EEV net asset value per share

 

-3-

 

1.     Funds under management

 

Three months ended 30 September 2024

Investment

Pension

UT/ISA and DFM

Total

£'Billion

£'Billion

£'Billion

£'Billion

Opening FUM

37.90 

96.26 

47.70 

181.86 

Gross inflows

0.56 

2.93 

0.91 

4.40 

Net investment return

0.23 

0.94 

0.48 

1.65 

Regular income withdrawals and maturities

(0.09)

(1.00)

- 

(1.09)

Surrenders and part-surrenders

(0.55)

(0.87)

(1.00)

(2.42)

Closing FUM

38.05 

98.26 

48.09 

184.40 

Net (outflows)/inflows

(0.08)

1.06 

(0.09)

0.89 

Implied surrender rate as a percentage of average FUM

5.8%

3.6%

8.4%

5.3%

 

 

Three months ended 30 September 2023

Investment 

Pension 

UT/ISA and 

 DFM 

Total 

£'Billion 

£'Billion 

£'Billion 

£'Billion 

Opening FUM

34.36 

79.87 

43.29 

157.52 

Gross inflows

0.51 

2.42 

0.75 

3.68 

Net investment return

0.14 

0.26 

(0.26)

0.14 

Regular income withdrawals and maturities

(0.07)

(0.65)

- 

(0.72)

Surrenders and part-surrenders

(0.51)

(0.59)

(0.95)

(2.05)

Closing FUM

34.43 

81.31 

42.83 

158.57 

Net (outflows)/inflows

(0.07)

1.18 

(0.20)

0.91 

Implied surrender rate as a percentage of average FUM

5.9% 

2.9%

8.8%

5.2%

 

-4-

 

Nine months ended 30 September 2024

Investment 

Pension 

UT/ISA and 

 DFM 

Total 

£'Billion 

£'Billion 

£'Billion 

£'Billion 

Opening FUM

35.99 

87.32 

44.89

168.20

Gross inflows

1.56 

8.52 

2.85 

12.93 

Net investment return

2.47 

7.47 

3.46 

13.40 

Regular income withdrawals and maturities

(0.28)

(2.68)

- 

(2.96)

Surrenders and part-surrenders

(1.69)

(2.37)

(3.11)

(7.17)

Closing FUM

38.05 

98.26 

48.09 

184.40 

Net (outflows)/inflows

(0.41)

3.47 

(0.26) 

2.80 

Implied surrender rate as a percentage of average FUM

6.1%

3.4%

8.9%

5.4%

 

 

Nine months ended 30 September 2023

Investment 

Pension 

UT/ISA and 

 DFM 

Total 

£'Billion 

£'Billion 

£'Billion 

£'Billion 

Opening FUM

33.29 

73.86 

41.22 

148.37 

Gross inflows

1.61 

7.31 

2.80 

11.72 

Net investment return

1.22 

3.36 

1.27 

5.85 

Regular income withdrawals and maturities

(0.28)

(1.71)

- 

(1.99)

Surrenders and part-surrenders

(1.41)

(1.51)

(2.46)

(5.38)

Closing FUM

34.43 

81.31 

42.83 

158.57 

Net (outflows)/inflows

(0.08)

4.09 

0.34 

4.35 

Implied surrender rate as a percentage of average FUM

5.6%

2.6%

7.8%

4.7%

 

-5-

 

2.     Analysis of funds under management

 

The table below provides a geographical and investment-type analysis of FUM at 30 September.

 

30 September 2024

30 September 2023

£'Billion

Percentage

of total

£'Billion

Percentage

of total

North American equities

68.4

37%

54.2

34%

Fixed income securities

30.9

17%

24.5

16%

European equities

25.8

14%

22.8

14%

Asia and Pacific equities

23.4

13%

19.6

12%

UK equities

15.6

8%

15.5

10%

Cash

7.2

4%

5.6

4%

Alternative investments

6.8

4%

11.2

7%

Other

4.8

2%

3.3

2%

Property

1.5

1%

1.9

1%

Total

184.4

100%

158.6

100%

 

 

3.     EEV net asset value per share

 

The net asset value on the European Embedded Value basis at 30 September 2024 was approximately £16.22 per share.

 

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