Wealth manager St James’s Place has seen gross inflows of £9.2bn (H1 2020: £7.3bn) for the first half of the year.

Net inflows were £5.5bn (H1 2020: £4.5bn), representing a growth of 8.6% year on year.

Chief executive Andrew Croft attributed the strong flows to improving client sentiment, a sharp increase in household savings rates and high levels of client engagement.

Group funds under management rose to 11% to £148.3bn at 30 June (31 December 2020: £129.3bn).

Operating profit rose considerably to £844.8m (H1 2020: £418.7m), but profit after tax fell to £120.9m (H1 2020: £178.1m).

There are now 4,477 advisers across SJP, an increase of 139 so far this year.

The Academy is also back in full swing after a quiet year with 71 graduates so far this year and 277 students enrolled.

Mr Croft was cautiously confident about the outlook for the remainder of the year for the wealth manager.

He said: “The impact of the pandemic on the timing and value of flows in 2020 and 2021 will naturally result in a variable pattern of year-on-year growth and normal phasing of business. Taking this into account together with a strong start to July, we anticipate a rate of gross inflow growth for the second half of around 20% despite strengthening comparatives in the latter part of the year.

“Although there remains inherent uncertainty in the operating environment as the UK and the world at large continues to navigate the pandemic, the results we have announced today show we have made an encouraging start against our 2025 ambitions.”

The results follow a strong first quarter after a disrupted 2020. Net inflows for the quarter ending 31 March rose 22% to £2.9bn Gross inflows were £4.79bn, a 19% rise year on year (2019: £4.04bn). Closing funds under management at the end of the first quarter were £135.46bn, a 5% increase from the start of 2021 (2021 opening funds under management: £129.34bn).

Last year was a rough one for the wealth manager. Operating profit and fund inflows fell during 2020 as the pandemic “inevitably disrupted” operations and performance. Gross inflows fell over 5% to £14.3bn (2019: £15.1bn), with net inflow of funds under management of £8.2bn (2019: £9bn), according to the firm’s annual results.

The wealth management giant also confirmed widely expected job losses in its 2020 results. According to the financial results, a streamlining of the business meant a loss of around 200 roles.