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PRIVACY
Professional Services

St James鈥檚 Place eyes future growth after 鈥榗hallenging backdrop鈥� in 2022

The FTSE 100 firm said its underlying cash had reached an all-time high and it had continued to attract new business flows despite rising inflation, geopolitical uncertainty and investment market volatility

Coins and banknotes(Image: Dominic Lipinski/PA Wire)

Bosses at wealth management firm St James’s Place have said it is "well positioned" for future growth as it reported record underlying cash, despite a “more challenging backdrop” in its latest financial year.

The FTSE 100 company, which is headquartered in Cirencester in Gloucestershire but has offices around the 海角视频, said its underlying cash reached an all-time high of £410.1m in 2022.

The board said the firm had achieved its second best year for new business flows in its history, despite sharply rising inflation, macroeconomic and geopolitical uncertainty, and investment market volatility.

Funds under management dropped back to £148.4bn from last year’s peak of £154bn. The company’s directors said while investment markets recorded negative returns over the year, the firm’s advisers “performed admirably” in helping clients feel confident in their finances, which helped the strength of its net inflows.

The firm posted gross inflows of £17bn - down from £18.2bn in 2021 - while net inflows also fell to £9.8bn from £11bn.

Chief executive Andrew Croft said the company had managed its controllable cost base well and contained growth to 5% “as planned”.

Mr Croft said demand for its services was “only getting stronger”, and the group was well positioned to capitalise on market opportunity.

He added: “2023 has continued in much the same way that 2022 ended, but we remain encouraged to see indicators that 海角视频 inflation may have peaked and that there are some signs of optimism for the direction of economies and investment markets worldwide.”