Money and Finance

'Robust performance' sees firm win £3 billion-plus in business in the last three months

Written by: Andrew Merrell | Posted 27 October 2020 6:25

'Robust performance' sees firm win £3 billion-plus in business in the last three months

It is a third quarter performance which showed a decline on the same period the previous year of 18 per cent, but don't feel too sorry for this Gloucestershire business - it still managed to attract £3.05 billion of new business. 

We are talking about St James's Place, of course, the Cirencester-headquartered wealth management firm which has just reported its latest trading figures for the three months to the end of September 30. 

'Gross inflows', as the firm likes to put it, were down from £3.74 blln in the same quarter in 2019, but closing funds under management were up from £112.82 blln to £118.70 blln. 

Andrew Croft, chief executive of the Cotswold business, said: “Amid a challenging external environment our advisers, their staff and our entire community have continued to demonstrate exceptional flexibility during the period, building and maintaining close relationships with clients and each other. 

We are therefore able to report another quarter of robust performance with gross inflows of over £3.0 billion, bringing the year-to-date position to £10.3 billion.

Diary Date: Brexit and the end of free movement - how your business can prepare

He added: I am encouraged that improved levels of activity towards the end of the quarter have continued into October, with activity for the current month at similar levels to the same month last year. 

Looking ahead, the increased uncertainty linked to COVID-19 will inevitably influence client investment confidence and consequent decision-making. 

However, drawing on the experience of the last six months, I am confident that the partnership will continue to adapt to whatever circumstances they face in order to establish long-term relationships with new clients through the provision of high-quality advice, and retain clients through maintaining outstanding service. 

Our confidence in the medium to long-term outlook for our business remains unchanged. We see an increasing demand for sound, highly personal financial planning advice and, through the comprehensive geographic reach and quality of the partnership, we remain extremely well positioned to meet this opportunity and drive further growth over time.”

Diary Date: Brexit and the end of free movement - how your business can prepare