New charging structure hits St James's Place profits

(Sharecast News) - St James's Place reported adjusted IFRS pre-tax profit of £278.4m for the first half on Wednesday, down from £307.0m a year earlier, as the impact of its new charging structure offset strong growth in funds under management. Net inflows were £2.7bn, compared with £3.8bn a year earlier, while gross inflows were unchanged at £10.5bn.

Funds under management rose to a record £240.8bn from £220.0bn at the end of 2025, supported by positive investment returns and improved retention of 95.4%.

IFRS profit after tax increased to £310.8m from £279.5m, helped by a £110.4m release from its ongoing service evidence provision.

The FTSE 100 wealth manager maintained its interim dividend at 6.0p per share and announced £128.1m of share buybacks, including £82.8m linked to the provision release.

"I am pleased to report a strong set of results for the first half of 2026," said chief executive Mark FitzPatrick.

At 0921 BST, shares in St James's Place were down 2.4% at 1,059p.

Reporting by Josh White for Sharecast.com.

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