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27 May 2020 | 07:40

St James's Place April net inflows tick higher

(Sharecast News) - Asset manager St James's Place reported a small uptick in net inflows for the month of April, as it hailed "resilience" in a challenging environment. Net inflows edged 1% higher to £810m amid particularly strong retention of client investments, while funds under management stood at £108.8bn at the end of April versus £107.2bn the year before, benefiting from positive net inflows and a positive investment return. However, gross inflows fell 13% to £5.2bn.

Chief executive Andrew Croft said: "Following record first quarter new business, we have naturally seen a reduction in new investments as the Covid-19 crisis developed. In light of the need to observe social distancing, the partnership has quickly adapted to managing client relationships 'virtually' and April gross inflows were robust, albeit 13% lower than the same month last year.

"We are encouraged by the robust gross and net inflows we have continued to experience during May, though the short to medium-term impact of government measures and economic volatility on our flows remains uncertain."
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