Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
St James's Place inflows narrow despite record funds under management
(Sharecast News) - St James's Place reported gross inflows for 2023 of £15.39bn on Thursday, down from £17.03bn in 2022. The FTSE 100 company said net inflows for the same period amounted to £5.12bn, down from £9.78bn, while closing funds under management rose to a record £168.2bn from £148.37bn year-on-year.
Its funds under management retention rate for 2023 was 95.3%, slightly lower than the 96.5% recorded in 2022.
Net inflows as a percentage of opening funds under management for 2023 were 3.5%, down from 6.4% in the previous year.
The number of qualified advisers at the close of 2023 was 4,834, increasing from 4,693 in 2022.
Chief executive officer Mark FitzPatrick said he was satisfied with the company's new business performance, particularly in the final quarter.
He said SJP advisers attracted £3.7bn of new client investments during the period.
FitzPatrick also noted that while there was a strong demand for trusted face-to-face financial advice, the economic environment and short-term alternatives such as cash deposit and savings rates had affected client capacity and confidence for long-term investments.
The SJP Cash Deposit Service managed by Flagstone saw significant growth in client deposit balances, reaching £3.9bn by the end of 2023, up from £2.5bn in December 2022.
The company's IMA performed well in 2023, delivering strong investment returns compared to peers.
That, coupled with ongoing net inflows, led to a record-high funds under management of £168.2 billion.
"As we build on the strong foundations we have established over three decades, we continue to see a huge opportunity to support more clients who need help and advice," Mark FitzPatrick said.
"I want SJP to capture this long-term opportunity, so as we start planning our vision for 2030 I am reviewing all elements of our business to ensure we are fully fit for the future and best placed to keep delivering for all our stakeholders."
At 0846 GMT, shares in St James's Place were down 10% at 609p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
