St James's Place profit falls amid volatile markets
St James's Place
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-1.56%
-13.50p
Asset manager St James's Place on Thursday said interim profits fell amid market volatility, but still managed £3.4bn in net inflows.
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Profit before tax fell to £215m from £265.2m a year earlier, while funds under management hit a record £157.5bn, up from £148.4bn in December 2022.
"This has been a challenging period for many UK savers and investors who have had to contend with high and persistent inflation, rising borrowing costs, a mini banking crisis in the US and attendant stock market volatility, and continued macro-economic and geo-political uncertainty," said chief executive Andrew Croft said.
"As we look ahead, there continue to be challenges for UK consumers," he said.
Reporting by Frank Prenesti for Sharecast.com