logo-loader

St. James's Place Capital sees funds under management rise by 3.2% boosted by pension product inflows

Published: 03:12 24 Oct 2017 EDT

Growing wealth
St. James's Place also reported net inflows of £2.4bn, of which £1.4bn went into pension-related products

St. James's Place Capital PLC (LON:STJ) saw its funds under management rise by 3.2% in the three months to the end of September boosted by inflows into its pension products.

The FTSE 100-listed wealth manager said its total funds under management at the end of the period were £85.7bn, up from £83bn at the start of the quarter.

READ: Goldman Sachs cuts rating for St James’s Place to 'neutral', highlights regulatory risks

The group also reported net inflows of £2.4bn, of which £1.4bn went into pension-related products, while market gains added a further £240mln.

The company said its net asset value on a European Embedded Value (EEV) per share basis, a measure which discounts future cashflows, was 1,005p per share at the end of the quarter, or 990p after payment of its interim dividend on September 29.

St. James’s Place’s outgoing chief executive David Bellamy said: "Whilst political and macro uncertainties persist, we are confident in the scale and quality of our relationship-based approach to the management of our clients' financial affairs.

"This, together with the breadth of our investment management proposition, means we are well placed to meet the growing need for trusted advice and our medium-term growth objectives."

BenevolentAI advances novel ulcerative colitis treatment through Phase 1a trial

BenevolentAI (OTC:BAIVF) chief scientific officer Dr Anne Phelan joins Proactive's Stephen Gunnion with positive safety data from the Phase 1a, first-in-human, clinical study of BEN-8744 in healthy volunteers. Phelan explained that BEN-8744 is a potent, selective PD10 inhibitor, uniquely...

53 minutes ago