St James's Place hails second-best year for cash inflows

British wealth manager St James's Place said it had recorded its second-best year for new business, despite a tough economic backdrop.

The company received £2.05bn in net inflows in the three months to December 31. For the full year the firm took in £9.8bn in new client cash. Assets under management for 2022 fell 4% to £148.4bn.

"Despite significant macroeconomic challenges, which deepened as the year progressed, 2022 marks the second-best year for new business flows in St. James's Place's history," said chief executive Andrew Croft.

He added that while 2023 had started "in much the same way that 2022 ended", he was encouraged by signs UK inflation may have peaked, and evidence currency and investment markets were more stable.

"A sustained recovery in macroeconomic indicators would naturally be conducive towards improving consumer sentiment, activity levels and of course funds under management, as 2023 unfolds."

Reporting by Frank Prenesti for Sharecast.com