Wealth manager St James's Place today reported record first quarter net inflows of £2.91bn (£2.90bn in Q1 202) and strong annual growth in funds under management of £151.25bn (up £15.79bn on Q1 2021).

The company said its retention rate for funds under management had also risen in the first quarter ending 31 March from 95.8% to 96.6%.

SJP CEO Andrew Croft called the results “another strong quarter” amid signs, he said, that Financial Planners are beginning to adjust clients’ portfolios to take into account the war in Ukraine and challenging macro economic conditions.

He said: " I am pleased to report another strong quarter for St James's Place that maintains the momentum developed during 2021. Whilst the landscape was significantly impacted by the tragic events in Ukraine since February, we continued to see high levels of activity throughout the period as advisers and clients sought ways of mitigating the risks posed to long-term Financial Planning by higher inflation and macroeconomic and geopolitical uncertainty. This highlights the ongoing resilience of our business model.

“Our gross and net inflows of £4.73 billion and £2.91 billion respectively were broadly in line with the first quarter of 2021, which was an exceptionally strong period for gross inflows as sentiment improved markedly following the start of the Covid-19 vaccine rollout in the UK. 

“Retention of client investments continued to hold at a very strong level and this, coupled with our strong inflows, resulted in annualised net inflows as a percentage of opening funds under management of 7.6% (2021: 9.0%). This was moderated by negative investment market returns in the period, which took funds under management to £151.25 billion at 31 March 2022. 

“Our results for the first quarter of 2022 are a credit to everyone in the SJP community and in particular to the partnership who provide much needed support for clients seeking to navigate the impact that complexity and uncertainty can have on their long-term financial well-being. Our performance so far this year means that we remain comfortable with consensus expectations for new business growth in 2022 and are confident of delivering on the broader ambitions of our 2025 plan."

Acquisition Rowan Dartington Group had FUM of £2.98bn at 31 March 2021, gross inflows of £0.13 billion for the quarter and outflows of £0.05 billion.

 SJP headline figures for Q1 2022

Despite the conflict in Ukraine the group has maintained a strong investment focus on equities.

Analysis of funds under management at 31 March