Money and Finance
Company brings in nearly £1blln in May alone
If ever the phrase ‘money begets money’ appeared to ring true it is at a certain Gloucestershire business, which in May attracted nearly £1blln (gross) of new cash through its doors.
Of course, it helps when your business is ‘money’ – investing it for clients and helping it grow – which is exactly what St James’s Place specialises in.
The Cirencester-headquartered wealth management firm has just released its figures for May, describing them as “robust in a challenging environment”.
Andrew Croft, chief executive, said: “Despite the continuing challenges presented by covid-19, gross flows in May were robust. Retention of existing client investments remains particularly strong, providing for a net inflow for the month of £0.67 billion.
“Funds under management benefitted from both these positive net inflows and the continuing recovery of world stock markets, to end the month at £112.6 billion.
“We remain encouraged by the inflows we are continuing to experience and expect June gross inflows to be similar to May, though the short to medium-term impact of COVID-19 and economic volatility on our flows remains uncertain.”
Gross inflows for May were £0.98 billion, compared with £1.24 blln in 2019.