Gloucestershire wealth manager sees increase in funds under its control

Wealth management firm St James’s Place has announced it has £153bn worth of funds under its control.

The Gloucestershire business has released a statement covering the first quarter of the year which revealed the amount of investment it is dealing with has increased by £2bn in the last three months.

Chief executive Andrew Croft said: “I am pleased to announce another good quarter for St. James’s Place, with our advisers attracting £4.17 billion of new client investments to the business.

“While lower versus a very strong first quarter outturn in 2022, these gross inflows represent growth against the final quarter of last year. Retention has remained strong, supporting a further £2 billion of net inflows and contributing to funds under management closing the period at £153.62 billion.

“This outcome for both gross and net flows is testament to the scale of ongoing demand for trusted face-to-face advice, the long-term nature of our client proposition and the strength of adviser-client relationships in all environments.

“We have begun 2023 much as we expected, so if macroeconomic indicators and consumer sentiment show further signs of recovery, we continue to anticipate a more supportive environment for new business as 2023 unfolds.”