St. James's Place Reports Significant Growth in Funds Under Management
St. James's Place, the FTSE 100 wealth-management business, has announced a significant increase in funds under management for the year-end of 2023. Despite challenges posed by the economic environment, the company has successfully attracted new client investments.
The closing funds under management as of December 31st reached an impressive £168.20 billion ($214.05 billion), surpassing both the previous year's total of £148.37 billion and the consensus estimate of £166.9 billion.
During the fourth quarter, St. James's Place saw net inflows of £770 million, demonstrating continued confidence from investors. Although this figure is lower than the £2.05 billion reported during the same period last year, the company remains optimistic about its long-term growth prospects.
New client investments for the quarter amounted to £3.7 billion, further highlighting the company's ability to attract and retain clients.
While gross inflows for the full year decreased slightly from £17.03 billion in 2022 to £15.39 billion, net inflows also declined from £9.78 billion to £5.12 billion. However, these figures align closely with consensus expectations of gross inflows at £15.4 billion and net inflows at £5.3 billion.
Looking ahead, Chief Executive Andrew Croft emphasized the importance of reviewing all aspects of the business to ensure its readiness for the future. With a clear vision for 2030, St. James's Place aims to continue delivering value for its stakeholders.
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