St James's Place reports continued FuM growth in Q3

(Sharecast News) - St. James's Place saw its funds under management continued to grow over the third quarter. "Despite the challenging operating environment, we continue to generate significant levels of net inflows, once again demonstrating the ongoing resilience of our business model," chief executive officer Andrew Croft said.

"Looking forward, we are beginning to see signs that inflation is moderating and that the current cycle of interest rate increases may be reaching a peak, bringing some optimism that this will ease the pressure on clients and will, in due course, provide for a more favorable operating environment over time."

Gross inflows for the three months ending on 30 September were pegged at £3.68bn, versus £4.05bn one year before.

In parallel, net inflows reached £0.91bn so that FuM at period end hit £158.57bn.

The retention rate for the firm's FuM remained "strong" at 95.3% year-to-date, against 96.5% in the same prior year quarter.