St James's Place reports slowdown in Q1 net inflows

St.James's Place reported a rise in its funds under management during the first quarter, despite the difficult comparisons with its strong year earlier performance.

The investment manager reported a slowdown in gross inflows from £4.73bn one year before to £4.17bn over the three months to March.

Net inflows for the latest quarter were pegged at £2.0, down from £2.91bn, so that closing funds under management rose by 1.6% to £153.62bn.

St.James's chief executive officer, Andrew Croft, credited "strong" retention for the further increase in net inflows.

"This outcome for both gross and net flows is testament to the scale of ongoing demand for trusted face-to-face advice, the long-term nature of our client proposition and the strength of adviser-client relationships in all environments," Croft said.

"We have begun 2023 much as we expected, so if macroeconomic indicators and consumer sentiment show further signs of recovery, we continue to anticipate a more supportive environment for new business as 2023 unfolds."

As of 0825 BST, shares of St.James's Place were falling 4.8% to 1,180.0p.