Wealth manager St James's Place says gross inflows for the first five months of 2021 are set to be 23% up on the same period in 2020.

In a brief new business update issued today to the Stock Market, the firm said client confidence appeared to be growing as pandemic restrictions eased.

New business growth seen in Q1, particularly in March, continued into Q2 this year and SJP said it was confident about the year ahead.

Gross inflows for the first five months of the year were “likely” to be about 23% up on the same period in 2020, firm reported.

SJP said it was “encouraged” that strong new business activity seen in March was continuing with some evidence clients had invested money they had saved during the pandemic.

The firm said: “The combination of improving client confidence and the high level of accumulated savings, has driven strong engagement between our advisers and their clients, resulting in gross inflows for the five months to the end of May 2021 likely to be around 23% higher than the corresponding period in 2020.”

The company said that while there was continuing uncertainty due to the pandemic it was confident of “another good year for St James's Place.”

The firm is holding a Capital Markets Day today which will be hosted by CEO Andrew Croft, chief executive who will answer questions along with members of the St James's Place's executive management team. Mr Croft will update investors on the group's business model and strategy and take part in a live question and answer session.