(Alliance News) - St James's Place PLC said Thursday it enjoyed record business inflows and a positive investment return in the first quarter of 2021, as clients moved the savings they accumulated during lockdown into longer-term investments.
The wealth manager had GBP135.46 billion in funds under management on March 31, up 33% from GBP101.67 billion a year before and up about 5% since the start of 2021.
St James's Place recorded GBP2.90 billion in net inflows during the recent quarter, up 22% from GBP2.37 billion a year before, amid record gross inflows of GBP4.79 billion, up 19% from GBP4.04 billion.
It booked GBP3.22 billion in positive net investment return, swung from negative GBP17.69 billion a year before, when the pandemic first hit markets.
"Although Covid-19 restrictions and economic uncertainty continue, the demand for trusted advice is stronger than ever," Chief Executive Andrew Croft said, "and I am confident that, given the quality of the partnership and the strength of our client proposition, we are well placed to deliver another good year for St James's Place."
European Embedded Value net asset value per share was 1,520 pence, including dividends, on March 31. It was 1,482p after payment of the annual dividend next month.
St James's Place shares were up 2.0% at 1,349.50 pence early Thursday in London.
By Tom Waite; thomaslwaite@alliancenews.com
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St James's Place (STJ)