St James's Place rallies on robust H1 performance, redress provision release

(Sharecast News) - Wealth manager St James's Place traded higher on Thursday after the group published its interim report card, highlighting operational momentum and strategic progress across key initiatives. St James's Place said gross inflows rose 23% year-on-year to £10.5bn in the six months ended 30 June, while net inflows doubled to £3.8bn, supported by high client retention and positive investment performance.

Funds under management hit a record high of £198.5bn, up 4% from year-end, helping drive a 17% increase in its underlying cash result to £240.4m.

St James's Place also announced an £84.5m release from its Ongoing Service Evidence provision, following a revision to its redress methodology in line with updated FCA guidance. After tax, SJP said the £63.4m release will be returned to shareholders via a share buy-back, alongside a previously announced £32.1m interim repurchase.

The FTSE 100-listed firm also reaffirmed its ambition to double underlying cash between 2023 and 2030.

Chief executive Mark FitzPatrick: "I am pleased to report strong operating and financial performance in the first half of 2025. During the period our highly qualified, professional advisers helped over one million clients to navigate a complex macroeconomic environment, ensuring clients' financial plans remain on track for the future.

"The strategic progress we are making will strengthen our business for the future, ensuring we are best placed to continue to capitalise on the compelling market opportunity in UK wealth management. The demand and need for financial advice are high and here to stay."

As of 1000 BST, STJ shares were up 5.60% at 1,235p.

Reporting by Iain Gilbert at Sharecast.com