St James’s Place returns to profit after year of building momentum
Wealth manager St James’s Place has benefitted from its simpler charging structure as its returned to profit in 2024.
Chief executive Mark Fitzpatrick said: “In a year which in many ways was challenging for the business, we are very pleased with our business and financial performance”.
The Cirencester-based financial services group rebounded from a £10m loss the previous year to generate £398m profits. It is returning £224m to shareholders, in line with its strategy to hand over the equivalent of half of its underlying cash result.
Fitzpatrick hailed the “momentum” the business built through the year as sustained net inflows and strong investment returns led to record funds under management of £190bn.
St James’s Place’s share price has risen 80% in the past year, although that has reversed a fall seen in the previous year.
Mark FitzPatrick, chief executive of St James’s Place
“2024 was a busy year for SJP,” he said. “We announced our redefined purpose and refreshed strategy, which position us for further success. We ran our first ever national brand campaign, and explored the power of financial advice through our Real Life Advice research series and our client stories.
“Our Polaris funds continued to be hugely popular, growing to become the UK’s largest multi-asset fund range less than two years after they were launched. We also made good progress on each of our key programmes of work, in line with our plans and the financial guidance we have previously given.”
FitzPatrick is optimistic about the company’s prospects for the year ahead.
He said: “As we look forward, the work we are doing to enhance our business by strengthening our core and building on our key strengths will ensure we continue to capture the compelling market opportunity in UK wealth management. The demand, and need, for financial advice is high, driven by systemic factors which means this isn’t going away.”
Independent non-executive directors Emma Griffin and Lesley-Ann Nash, who both joined the board in 2020, are to step down at the AGM. Former Greene King chief executive joined the board last month, and other appointments are expected to follow.
