St James’s Place share price: Funds under management rise to £62bn

St James’s Place (LON:STJ) has posted a quarterly update this morning, revealing growth in funds under management.

**Highlights from the company statement:**
• Gross inflow of funds under management of £2.45 billion (2015: £2.11 billion)
• Continued strong retention of client funds – 95%
• Net inflow of funds under management of £1.36 billion (2015: £1.32 billion)
• Group funds under management of £62.0 billion (2015: £55.8 billion)
David Bellamy, Chief Executive, commented:

“Against a backdrop of continued uncertainty across global stock markets, our business is performing strongly. Supported by a monthly record £1 billion of gross inflows in March, the total gross inflows for the quarter were £2.45 billion, up 16% over the same period last year. This result, together with the continued high retention of clients and their investments, took Group funds under management to £62.0 billion.

In addition to advising clients on the more flexible, often complex, options available in respect of their retirement funds and changes to the contribution and fund limits which were announced last year, our Partners have been active in the run up to this year’s spring budget, as speculation of more radical changes grew. The fact that the Chancellor avoided further changes to Pension tax relief and chose to give further encouragement to individual savings through a higher limit for ISAs in 2017, the introduction of a lifetime ISA and reduced Capital Gains tax, bodes well for the future.

We remain focused on achieving the best possible outcomes for our clients, through the provision of sound personal financial advice. The acquisition of Technical Connection with their specialist technical support services, together with the new St. James’s Place intergenerational mortgage suite, adds to the resources and services that our Partners and clients can draw upon to achieve that.”
As of 07:24 BST, Tuesday, 26 April, St. James’s Place plc share price is 915.50p.