Last checked at 30 Apr 2019 07:00
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ST. JAMES'S PLACE plc
27 St. James's Place, London SW1A 1NR
Telephone 020 7493 8111
PRESS RELEASE
30 April 2019
ST. JAMES'S PLACE WEALTH MANAGEMENT
ST. JAMES'S PLACE FUNDS UNDER MANAGEMENT REACH £103.5 BILLION
St. James's Place plc ("SJP"), the wealth management group, today issues an update on new business inflows and funds under management for the three months ended 31 March 2019.
Q1 2019 | Q1 2018 | ||
£'Billion | £'Billion | ||
Gross inflows | 3.61 | 3.91 | |
Net inflows | 2.18 | 2.60 | |
Closing Funds under Management | 103.52 | 89.91 | |
Funds under management retention rate (annualised) | 95.9% | 96.2% | |
Net inflows/opening funds under management (annualised) | 9.1% | 11.5% |
Andrew Croft, Chief Executive, commented:
"We have experienced a good start to the year, attracting £3.61 billion of gross inflows which, together with continued strong retention, has resulted in net inflows for the quarter of £2.18 billion - equating to 2.3% of opening funds under management (9.1% on an annualised basis). This performance demonstrates the resilience of our business through the current political and macro-economic uncertainty.
These net inflows, coupled with positive investment returns, have resulted in an 8.3% increase in Funds under Management to a record £103.5 billion at the end of March.
Whilst uncertainty will inevitably impact investor sentiment from time to time, it does not change the long-term needs of individuals. There remains both a growing market for trusted face-to-face advice in the UK and an advice gap that represents a major opportunity for us. Given the scale and quality of the St. James's Place Partnership we are confident of both the resilience of the business in more difficult times and our ability to continue to grow the business over the medium to long term."
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The details of the announcement are attached.
Enquiries:
Andrew Croft, Chief Executive Officer | Tel: 020 7514 1963 |
Craig Gentle, Chief Financial Officer | Tel: 020 7514 1963 |
Tony Dunk, Investor Relations Director | Tel: 020 7514 1963 |
Jamie Dunkley, External Communications Director | Tel: 020 7514 1963 |
Brunswick Group |
Tel: 020 7404 5959 |
Charles Pretzlik | Email: cpretzlik@brunswickgroup.com |
Tom Burns | Email: tburns@brunswickgroup.com |
Contents
1. Funds under Management
2. Analysis of Funds under Management
3. Gross Inflow Figures
4. EEV Net Asset Value per Share
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1. Funds under Management
Three Months Ended 31 March 2019 | Investment | Pension | UT/ISA & DFM | Total | |||
£'Billion | £'Billion | £'Billion | £'Billion | ||||
Opening funds under management | 27.62 | 40.72 | 27.21 | 95.55 | |||
Gross inflows | 0.50 | 2.02 | 1.09 | 3.61 | |||
Net investment return | 1.44 | 2.65 | 1.70 | 5.79 | |||
Regular income withdrawals and maturities | (0.13) | (0.28) | - | (0.41) | |||
Surrenders and part surrenders | (0.28) | (0.25) | (0.49) | (1.02) | |||
Closing funds under management | 29.15 | 44.86 | 29.51 | 103.52 | |||
Net inflows | 0.09 | 1.49 | 0.60 | 2.18 | |||
Implied surrender rate as a percentage of average funds under management | 3.9% | 2.4% | 6.9% | 4.1% |
Included within "UT/ISA & DFM" are closing funds under management of £2.54 billion, gross inflows of £0.15 billion and outflows of £0.04 billion in relation to the Rowan Dartington Group funds under management.
In addition, there is a further £411 million of funds under management in third party funds within our Asia
business.
Three Months Ended 31 March 2018 | Investment | Pension | UT/ISA & DFM | Total | |||
£'Billion | £'Billion | £'Billion | £'Billion | ||||
Opening funds under management | 28.31 | 36.15 | 26.29 | 90.75 | |||
Gross inflows | 0.60 | 2.17 | 1.14 | 3.91 | |||
Net investment return | (0.97) | (1.36) | (1.11) | (3.44) | |||
Regular income withdrawals and maturities | (0.16) | (0.29) | - | (0.45) | |||
Surrenders and part surrenders | (0.21) | (0.26) | (0.39) | (0.86) | |||
Closing funds under management | 27.57 | 36.41 | 25.93 | 89.91 | |||
Net inflows | 0.23 | 1.62 | 0.75 | 2.60 | |||
Implied surrender rate as a percentage of average funds under management | 3.0% | 2.9% | 6.0% | 3.8% |
Included within "UT/ISA & DFM" are closing funds under management of £2.09 billion, gross inflows of £0.11 billion and outflows of £0.02 billion in relation to the Rowan Dartington Group funds under management.
In addition, there is a further £473 million of funds under management in third party funds within our Asia
business.
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2. Analysis of Funds under Management
The following table provides an analysis of the funds under management at 31 March split by geography and asset type:
31 March 2019 | 31 March 2018 | ||||||
£'Billion | % of total | £'Billion | % of total | ||||
North American Equities | 21.6 | 21% | 19.1 | 21% | |||
UK Equities | 18.7 | 18% | 18.5 | 21% | |||
Fixed Interest | 18.5 | 18% | 17.9 | 20% | |||
European Equities | 11.3 | 11% | 10.2 | 12% | |||
Asia & Pacific Equities | 10.8 | 10% | 8.2 | 9% | |||
Alternative Investments | 8.1 | 8% | 2.7 | 3% | |||
Cash | 6.9 | 7% | 6.5 | 7% | |||
Property | 3.0 | 3% | 3.0 | 3% | |||
Other | 4.6 | 4% | 3.8 | 4% | |||
Total | 103.5 | 100% | 89.9 | 100% | |||
3. Gross Inflow Figures
Unaudited 3 Months to 31 March | |||
2019 | 2018 | ||
£'Billion | £'Billion | ||
Gross inflows | |||
Investment | 0.50 | 0.60 | |
Pension | 2.02 | 2.17 | |
Unit Trust/ISA & DFM | 1.09 | 1.14 | |
3.61 | 3.91 | -8% | |
4. EEV Net Asset Value per Share
The net asset value on the European Embedded Value basis at 31 March 2019 was approximately 1,190 pence per share (cum div) and approximately 1,160 pence per share after the payment of the proposed full year dividend on 24 May 2019.