Wealth manager St James’s Place has reported Funds Under Management soared last year to a record £190.2bn - up £22bn (2023: £168.2bn).

In a trading update today the firm said new client business during the final quarter of 2024 reached £5.5bn, boosting annual gross inflows to £18.4bn, up 23% on 2023.

While gross inflows were up in 2024, net inflows for the year fell from £5.12bn in 2023 to £4.33bn as some investors withdrew funds.

SJP CEO Mark FitzPatrick said the company had a strong final quarter of 2024.

He said: “Our advisers attracted £5.5 billion of new client investments to the business, continuing the momentum that began to build earlier in the year and bringing our annual gross inflows to £18.4 billion, up 20% on 2023.

“Annual retention of client investments remained high, supporting an improvement in net inflows to £1.5 billion for the final quarter and bringing the total to £4.3 billion for the year.”

He added that the firm had delivered strong investment returns that compared well against peers. 

Along with other wealth firms, he said the run up to the Autumn Budget had caused uncertainty for UK consumers and led to an increase in both gross inflows and outflows in the month of October.

He said client engagement levels were high throughout the quarter as SJP advisers provided “support, reassurance and invaluable advice” to help clients navigate the uncertainty.

Mr FitzPatrick said the firm continued to focus on implementing a simpler and more comparable charging structure and remains on track for delivery by the second half of 2025. The programme will also review historic client servicing records and implement a cost and efficiency drive.

He said the firm's growing FUM highlighted a growing need for “trusted financial advice.”