St James's Place funds hit record

St James’s Place ended 2020 with record funds under management after investors placed more than £4bn with the wealth manager in the final quarter of the year.

Gross inflows in the three months to the end of December rose 1% to £4.02bn from a year earlier, the FTSE 100 company said in a trading update. Net inflows dipped to £2.29bn from £2.44bn.

Closing funds under management were £129.34bn, up from £116.99bn a year earlier.

St James’s Place’s gross inflows for the year fell 5% to £14.33bn. 2020 was a turbulent year for markets as shares plunged early in the pandemic and then recovered strongly while staying volatile.

Andrew Croft, St James’s Place’s chief executive, said: “In the final quarter of what can only be described as an extraordinary year for individuals, families, business and broader societies across the world, I am pleased to report that St James's Place delivered another robust set of new business results.”