St. James's Place plc has reported its new business inflows and funds under management for the year ended 31 December 2023. The company achieved £15.4 billion of total gross inflows and £5.1 billion of net inflows, with a retention rate of more than 95%. The closing funds under management reached a record £168.2 billion, driven by strong investment returns and ongoing net inflows. The company's IMA performed well, delivering strong investment returns relative to peers for the benefit of clients. Additionally, net flows into the SJP Cash Deposit Service managed by Flagstone increased significantly during 2023, with client deposit balances totaling £3.9 billion. The company's CEO, Mark FitzPatrick, expressed satisfaction with the robust new business performance and emphasized the need for trusted face-to-face financial advice, despite the impact of the economic environment and short-term alternatives. He also highlighted the company's vision for 2030, aiming to review all elements of the business to ensure it is fully fit for the future and best placed to keep delivering for all stakeholders.
The funds under management for the three months ended 31 December 2023 were detailed, showing a net inflow of 0.77 billion. The implied surrender rate as a percentage of average FUM was 5.2%. The report also provided a breakdown of the funds under management for the twelve months ended 31 December 2023, indicating a net inflow of 5.12 billion and an implied surrender rate as a percentage of average FUM of 4.7%. The details included the Rowan Dartington Group FUM of £3.43 billion and SJP Asia FUM of £1.72 billion at 31 December 2023. The report also compared these figures with the corresponding periods in 2022.
The company's announcement included contact information for investor relations and external communications for further inquiries.