Net inflows for St James’s Place (SJP) fell 10% to £1.53bn in the first quarter (Q1 2025: £1.69bn).
The net inflows represent 2.8% of opening funds under management (annualised) in comparison to 3.6% in Q1 2025.
Despite the drop in net flows, the funds under management retention rate (annualised) for the wealth manager rose slights from 95% (Q1 2025) to 95.3% in the first three months of this year.
Gross inflows rose 3% to £5.3bn (Q1 2025: £5.14bn).
Closing funds under management for the quarter were £216.94bn, a rise of 15% year-on-year (31 March 2025: £188.59bn), but a fall of 1% from £220bn as at 31 December 2025.
Mark FitzPatrick, CEO of St James’s Place, said that the Q1 financial results for SJP were impacted by a decline in global markets.
He said: “While macroeconomic uncertainty continues, periods like this underscore the enduring value of high-quality financial advice. Our advisers provide reassurance and help clients navigate market conditions, ensuring they remain focused on their long‑term financial goals.”
During the first quarter the remuneration committee of SJP proposed increasing the potential bonus for CEO Mark Fitzpatrick from 200% to a maximum of 250% of base salary following a fall in his total remuneration package in 2025.
According to SJP’s Annual Report, the increase to CEO bonus maximums would bring the remuneration package for Mr Fitzgerald closer in line with his peers (see chart below).
In 2025 Mr Fitzpatrick saw an £800,000 drop in his overall remuneration package to a total of £2,713,640 (2024: £3,532,979), according to the company's Annual Report out this week.
The company continues to set aside large sums for its review of previous business. SJP said that its historic ongoing service evidence (OSE) review was “progressing at pace” and there was an £18.7m post-tax additional release from the OSE provision at year-end, bringing the total released during 2025 to £82.1 million. It anticipates completing the review this year.
SJP expects to reveals its half year results in June.