TIDMSTJ
RNS Number : 3230N
St. James's Place PLC
25 October 2016
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ST. JAMES'S PLACE plc
27 St. James's Place, London SW1A 1NR
Telephone 020 7493 8111 Facsimile 020 7493 2382
PRESS RELEASE
25 October 2016
ST. JAMES'S PLACE WEALTH MANAGEMENT
STRONG INFLOWS AND INVESTMENT PERFORMANCE DRIVE
FUNDS UNDER MANAGEMENT TO A RECORD GBP71 BILLION
St. James's Place plc ("SJP"), the wealth management group,
today issues its update on new business inflows and funds under
management for the three months ended 30 September 2016.
-- Gross inflows of funds under management of GBP2.80 billion (2015: GBP2.32 billion)
-- Continued strong retention of client funds - 95%
-- Net inflow of funds under management of GBP1.66 billion (2015: GBP1.48 billion)
-- Group funds under management of GBP71.4 billion (2015: GBP54.5 billion)
David Bellamy, Chief Executive, commented:
"The third quarter fell between two political turning points in
the UK: the EU referendum result announced on 24 June and Theresa
May's first Brexit planning speech on 3 October. However, despite
the backdrop of political uncertainty, it's been very much business
as usual and we've maintained good momentum in the business since
the half year, with new investments in the most recent three months
21% higher at GBP2.8 billion. Together with the continued high
retention of clients and their investments, this resulted in net
inflows in the period of GBP1.66 billion. At GBP71.4 billion, Group
funds under management are GBP12.8 billion higher than at the
beginning of the year.
The globally diverse range of funds and portfolios we offer,
continues to serve our clients well. However, recognising the
growing client demand for income, we were pleased to announce the
launch of a new Worldwide Income fund earlier this month, managed
by the investment team at Investec Asset Management, based in Cape
Town and led by Clyde Rossouw.
These results and continued resilience of our business give us
further confidence that, through the outstanding job our Partners
do in managing their clients' financial affairs and our distinctive
approach to the management of their wealth, we can continue to grow
our business in line with our objectives in the final quarter of
2016 and beyond."
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The details of the announcement are attached.
Enquiries:
David Bellamy, Chief Executive Tel: 020 7514 1963
Officer
Andrew Croft, Chief Financial Tel: 020 7514 1963
Officer
Tony Dunk, Investor Relations Tel: 020 7514 1963
Director
Bell Pottinger Tel: 020 3772 2566
John Sunnocks
Ben Woodford Email: Bwoodford@BellPottinger.com
On Monday 31 October, St. James's Place will host a Capital
Markets Briefing for analysts and investors at Numis Securities,
The London Stock Exchange Building, 10 Paternoster Square, London,
EC4M 7LT. The meeting will commence at 3pm and finish at 5pm.
The event will provide attendees the opportunity to hear senior
members of our executive management team talk about the
Partnership, the value of advice and our culture.
A full recording of the meeting will be published shortly after
the event.
Contents
1. Funds under management
2. Analysis of funds under management
3. Gross inflow figures
4. EEV net asset value per share
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1. Funds under Management
During the third quarter of 2016 gross inflows to our funds
under management were up 21% at GBP2.80 billion (2015: GBP2.32
billion) and we continue to experience high retention of existing
clients and their investments, such that we are able to report net
inflows of GBP1.66 billion (2015: GBP1.48 billion) in the
quarter.
Nine Months Ended 30 September 2016 Investment Pension UT/ISA Total
& DFM
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Opening funds under management 22.52 20.86 15.23 58.61
Rowan Dartington acquisition - - 1.26 1.26
Gross inflows 1.61 3.64 2.82 8.07
Net investment return 1.97 3.14 1.67 6.78
Regular income withdrawals and maturities (0.39) (0.61) (0.07) (1.07)
Surrenders and part surrenders (0.63) (0.67) (0.97) (2.27)
------------ ------------ ------------ ------------
Closing funds under management 25.08 26.36 19.94 71.38
============ ============ ============ ============
Net inflows 0.59 2.36 1.78 4.73
============ ============ ============ ============
Implied surrender rate as a percentage of average funds
under management 3.5% 3.7% 7.1% 4.6%
Included within "UT/ISA & DFM" are gross inflows of GBP0.31
billion and outflows from regular income withdrawals and maturities
of GBP0.11 billion in relation to the Rowan Dartington Group funds
under management.
In addition, there is a further GBP443 million of funds under
management in third party funds within our Asia business.
Nine Months Ended 30 September 2015 Investment Pension UT/ISA Total
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Opening funds under management 21.14 18.08 12.79 52.01
Gross inflows 1.85 2.54 2.33 6.72
Net investment return (0.66) (0.66) (0.37) (1.69)
Regular income withdrawals and maturities (0.36) (0.46) - (0.82)
Surrenders and part surrenders (0.60) (0.47) (0.68) (1.75)
------------ ------------ ------------ ------------
Closing funds under management 21.37 19.03 14.07 54.47
============ ============ ============ ============
Net inflows 0.89 1.61 1.65 4.15
============ ============ ============ ============
Implied surrender rate as a percentage of average funds
under management 3.8% 3.4% 6.8% 4.4%
In addition, there was a further GBP428 million of funds under
management in third party funds within our Asia business.
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Three Months Ended 30 September 2016 Investment Pension UT/ISA Total
& DFM
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Opening funds under management 23.59 23.79 18.18 65.56
Gross inflows 0.57 1.24 0.99 2.80
Net investment return 1.27 1.75 1.14 4.16
Regular income withdrawals and maturities (0.13) (0.21) (0.03) (0.37)
Surrenders and part surrenders (0.22) (0.21) (0.34) (0.77)
------------ ------------ ------------ ------------
Closing funds under management 25.08 26.36 19.94 71.38
============ ============ ============ ============
Net inflows 0.22 0.82 0.62 1.66
============ ============ ============ ============
Three Months Ended 30 September 2015 Investment Pension UT/ISA Total
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Opening funds under management 21.93 19.39 14.14 55.46
Gross inflows 0.62 0.96 0.74 2.32
Net investment return (0.89) (0.98) (0.60) (2.47)
Regular income withdrawals and maturities (0.12) (0.17) - (0.29)
Surrenders and part surrenders (0.17) (0.17) (0.21) (0.55)
------------ ------------ ------------ ------------
Closing funds under management 21.37 19.03 14.07 54.47
============ ============ ============ ============
Net inflows 0.33 0.62 0.53 1.48
============ ============ ============ ============
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2. Analysis of Funds under Management
The following table provides an analysis of the funds under
management at 30 September 2016 split by geography and asset
type:
30 September 2016 30 September 2015
GBP'Billion % of total GBP'Billion % of total
UK Equities 16.8 24% 15.3 28%
North American Equities 15.7 22% 11.4 21%
Fixed Interest 11.7 16% 8.3 15%
European Equities 7.7 11% 5.9 11%
Asia & Pacific Equities 6.3 9% 4.5 8%
Cash 5.4 7% 4.1 8%
Property 2.2 3% 2.1 4%
Alternative Investments 1.6 2% 1.2 2%
Other* 4.0 6% 1.7 3%
------------ ----------- ------------ -----------
Total 71.4 100% 54.5 100%
============ =========== ============ ===========
*Included within "Other" is GBP1.5 billion (2015: Nil) in
relation to Rowan Dartington Group funds under management.
3. Gross Inflow Figures
Unaudited Unaudited
3 Months to 9 Months to
30 September 30 September
2016 2015 2016 2015
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Gross inflows
Investment 0.57 0.62 1.61 1.85
Pension 1.24 0.96 3.64 2.54
Unit Trust and ISA 0.99 0.74 2.82 2.33
------------ ------------ ------------ ------------
2.80 2.32 +21% 8.07 6.72 +20%
============ ============ ============ ============
4. EEV Net Asset Value per Share
The net asset value on the European Embedded Value basis at 30
September 2016 was approximately 850 pence per share (cum div) and
838 pence per share after the payment of the interim dividend on 30
September 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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