St James’s Place, one of the UK’s largest wealth managers, is facing a challenging period as it grapples with a sharp drop in net inflows over the first quarter of the year. The company reported that net inflows fell to just over £700 million in the three months to the end of March, a significant decrease from £2 billion a year ago. This news comes as customers are withdrawing their money and potential redress payments to clients are being made.
Mark FitzPatrick, the chief executive of SJP, highlighted that the rate of customers pulling out their money is at an “elevated level”, reflecting a broader industry trend of customers tapping into their savings to meet financial needs. Despite this, rival companies like Hargreaves Lansdown and Quilter have reported steady or increased net inflows over the same period.
SJP has been navigating a turbulent year, with its share price dropping more than 60% and the need to overhaul its charges to comply with new regulations. The company announced that it will no longer include exit penalties for early withdrawals as part of these changes.
FitzPatrick is conducting a review of the business and is optimistic about the future, noting that the company is making progress with the review and will provide updates at its half-year earnings point. Despite the challenges, SJP’s total assets under management have increased to £179 billion, up from £154 billion a year ago, thanks to strong investment performance.
Analysts have noted the challenges SJP is facing but believe that the company is well-positioned to seize market opportunities in the long term. With the growing demand for advice and more people taking control of their retirement funds, SJP’s adviser numbers are increasing, indicating a sign of health for the company despite difficult market conditions.
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