Wealth manager St James’s Place has reported quarterly gross inflows up 27% year on year, boosting total assets under management to £153.99bn.

The company says it has notched up record funds under management as its recovery continued from the pandemic storm, according to fourth quarter data released today.

The company said gross inflows in the fourth quarter ending 31 December reached £4.69bn (2020: £4.02bn).

Net inflows were £2.91bn (2020: £2.29bn)

Funds under management in the fourth quarter reached £153.99bn, up £24.65bn on the fourth quarter of 2020.

There was particularly strong growth in pensions inflows.

The company said that client investment retention was particularly high during the quarter, reaching a record level.

Andrew Croft, SJP CEO, said: "I am pleased to report a very strong final quarter, rounding out a record year of new business for St James's Place. 

“We saw a favourable market backdrop continue into the fourth quarter and this, together with the hard work of our advisers, has enabled us to attract £4.69 billion of new client investments. This takes total gross inflows for the year to £18.20 billion, 27% higher than in 2020 and exceeding our previous guidance.

“We continued to achieve exceptional retention of client investments, with the 2021 retention rate being the strongest year in our history. This results in net inflows of £11.04 billion for the year, representing 8.5% of opening funds under management and contributing to funds under management closing at a record £153.99 billion, up 19%.

“As we look ahead, our performance in 2021, together with the growth in the partnership and continued long-term demand for face-to-face advice, means we remain confident in achieving our 2025 ambitions."

SJP’s number of qualified advisers in the quarter reached 4,556 compared to 4,338 a year earlier.