(Alliance News) - St James's Place PLC on Tuesday said new business inflows and funds under management remained "robust" despite the volatile market environment presented by the Covid-19 pandemic.
Shares in the FTSE 100-listed wealth manager were up 2.0% at 958.80 pence each in London. They are down 19% so far in 2020.
Funds under management stood at GBP112.58 billion on May 31, up 6.4% from GBP105.83 billion at the same time last year.
Net inflows for May totalled GBP670 million, down from GBP730 million. Gross inflows fell 21% year-on-year in May to GBP980 million from GBP1.24 billion.
Year-to-date net inflows increased 3.8% to GBP3.85 billion from GBP3.71 billion. Gross inflows dipped slightly to GBP6.19 billion from GBP6.20 billion.
Cirencester, England-based St James's Place said funds under management benefited from the retention of existing client investments and a recovery in world stock markets. Its year-to-date funds under management retention rate stood at 96.4% in the first five months of 2020, up from 95.9%.
"We remain encouraged by the inflows we are continuing to experience and expect June gross inflows to be similar to May, though the short to medium-term impact of Covid-19 and economic volatility on our flows remains uncertain," said Chef Executive Andrew Croft.
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
St James's Place (STJ)