(Alliance News) - St James's Place PLC said on Thursday that its funds under management and fourth quarter net inflows were up on the previous year and added that Ian Gascoigne, a managing director, will retire from its board.
The Cirencester, England-based wealth manager reported GBP153.99 billion in funds under management on December 31, up 19% from GBP129.34 billion a year before.
Net inflows in the fourth quarter of 2021 totalled GBP2.91 billion, up 27% from GBP2.29 billion a year before, resulting in GBP11.04 billion in net inflows for all of 2021.
Gross inflows totalled GBP4.69 billion, a 17% increase on the same quarter the previous year, when gross inflows totalled GBP4.02 billion.
Meanwhile, St James's Place said its retention rate in 2021 was the highest in company history. The retention rate was 96.4% in the fourth quarter, unchanged from the final quarter of 2020.
The firm's number of advisers rose to 4,556 from 4,338 a year before, in response to what Chief Executive Andrew Croft called the "continued long-term demand for face-to-face advice".
Separately, St James's Place announced that Ian Gascoigne, managing director of the Partnership - the company's network of financial advisers - will retire from the St James's Place board and as director on March 31.
Following Gascoigne's retirement, Peter Edwards will continue to be responsible for the UK Partnership, and Iain Rayner - current chief operating officer - will remain responsible for key relationships with the Partnership's largest businesses and for Asian operations. Both will report directly to Chief Executive Andrew Croft.
Shares in St James's Place were down 0.7% at 1,519.00 pence on Thursday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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St James's Place (STJ)