Net inflows to under-fire wealth manager St James’s Place slumped 64.5% in the first quarter of the year compared to last year, but funds under management climbed again.

Wealth manager St James’s Place Capital has set aside £426m to deal with client claims about historic ongoing advice after a surge in complaints in late 2023.

Wealth manager St James’s Place saw net inflows nearly halve in 2023 to £5.12bn but funds under management rose sharply as a market recovery got under way.

Mark FitzPatrick, the new CEO of national wealth manager St James’s Place, has started work today in his new role after the company received regulatory approval for the appointment.