Last checked at (Sharecast News) - St James's Place said improved investor sentiment put it on course for further growth as the wealth manager reported an increase in gross inflows for the fourth quarter.
The FTSE 100 company said gross inflows for the three months to the end of December rose 1% to £3.98bn from a year earlier. Net inflows fell to £2.44bn from £2.60bn.
Total funds under management were a record £117bn, up from 112.8bn at the end of the third quarter. The increase was driven by new funds and rising markets. The end of the quarter saw a bounce in UK share prices as markets responded positively to the Conservatives' resounding victory in the December general election.
Andrew Croft, chief executive, said: "Against a backdrop of continued macroeconomic and political uncertainty for much of the final quarter, I am pleased to report a robust set of new business results.
"Although uncertainties remain for the UK, the parliamentary majority following the general election in December provides for longer-term political stability. Following this outcome, we are encouraged to have seen improved investor sentiment and activity which, together with the strength and scale of our business today, gives us confidence that we are well placed to continue to grow."
St James's Place shares rose 2.2% to 1,166p at 0855 GMT.
29 Feb 2024 09:22
Citi upgrades St James's Place to 'buy' after stock sinks
(Sharecast News) - Citi has upgraded its stance on St James's Place after a collapse in the the financial advice company's shares this week, saying that the "potholes have been filled".
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