St. James's Place PLC Q1 New Business Inflows and Funds under Management (4631X)
April 30 2019 - 2:00AM
UK Regulatory
TIDMSTJ
RNS Number : 4631X
St. James's Place PLC
30 April 2019
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ST. JAMES'S PLACE plc
27 St. James's Place, London SW1A 1NR
Telephone 020 7493 8111
PRESS RELEASE
30 April 2019
ST. JAMES'S PLACE WEALTH MANAGEMENT
ST. JAMES'S PLACE FUNDS UNDER MANAGEMENT REACH GBP103.5
BILLION
St. James's Place plc ("SJP"), the wealth management group,
today issues an update on new business inflows and funds under
management for the three months ended 31 March 2019.
Q1 2019 Q1 2018
GBP'Billion GBP'Billion
Gross inflows 3.61 3.91
Net inflows 2.18 2.60
Closing Funds under Management 103.52 89.91
Funds under management retention rate (annualised) 95.9% 96.2%
Net inflows/opening funds under management
(annualised) 9.1% 11.5%
Andrew Croft, Chief Executive, commented:
"We have experienced a good start to the year, attracting
GBP3.61 billion of gross inflows which, together with continued
strong retention, has resulted in net inflows for the quarter of
GBP2.18 billion - equating to 2.3% of opening funds under
management (9.1% on an annualised basis). This performance
demonstrates the resilience of our business through the current
political and macro-economic uncertainty.
These net inflows, coupled with positive investment returns,
have resulted in an 8.3% increase in Funds under Management to a
record GBP103.5 billion at the end of March.
Whilst uncertainty will inevitably impact investor sentiment
from time to time, it does not change the long-term needs of
individuals. There remains both a growing market for trusted
face-to-face advice in the UK and an advice gap that represents a
major opportunity for us. Given the scale and quality of the St.
James's Place Partnership we are confident of both the resilience
of the business in more difficult times and our ability to continue
to grow the business over the medium to long term."
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The details of the announcement are attached.
Enquiries:
Andrew Croft, Chief Executive Tel: 020 7514 1963
Officer
Craig Gentle, Chief Financial Tel: 020 7514 1963
Officer
Tony Dunk, Investor Relations Tel: 020 7514 1963
Director
Jamie Dunkley, External Communications Tel: 020 7514 1963
Director
Brunswick Group Tel: 020 7404 5959
Charles Pretzlik Email: cpretzlik@brunswickgroup.com
Tom Burns Email: tburns@brunswickgroup.com
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
Three Months Ended 31 March 2019 Investment Pension UT/ISA & DFM Total
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Opening funds under management 27.62 40.72 27.21 95.55
Gross inflows 0.50 2.02 1.09 3.61
Net investment return 1.44 2.65 1.70 5.79
Regular income withdrawals and maturities (0.13) (0.28) - (0.41)
Surrenders and part surrenders (0.28) (0.25) (0.49) (1.02)
------------ ------------ ------------- ------------
Closing funds under management 29.15 44.86 29.51 103.52
============ ============ ============= ============
Net inflows 0.09 1.49 0.60 2.18
============ ============ ============= ============
Implied surrender rate as a percentage of average
funds under management 3.9% 2.4% 6.9% 4.1%
Included within "UT/ISA & DFM" are closing funds under
management of GBP2.54 billion, gross inflows of GBP0.15 billion and
outflows of GBP0.04 billion in relation to the Rowan Dartington
Group funds under management.
In addition, there is a further GBP411 million of funds under
management in third party funds within our Asia
business.
Three Months Ended 31 March 2018 Investment Pension UT/ISA & DFM Total
GBP'Billion GBP'Billion GBP'Billion GBP'Billion
Opening funds under management 28.31 36.15 26.29 90.75
Gross inflows 0.60 2.17 1.14 3.91
Net investment return (0.97) (1.36) (1.11) (3.44)
Regular income withdrawals and maturities (0.16) (0.29) - (0.45)
Surrenders and part surrenders (0.21) (0.26) (0.39) (0.86)
------------ ------------ ------------- ------------
Closing funds under management 27.57 36.41 25.93 89.91
============ ============ ============= ============
Net inflows 0.23 1.62 0.75 2.60
============ ============ ============= ============
Implied surrender rate as a percentage of average
funds under management 3.0% 2.9% 6.0% 3.8%
Included within "UT/ISA & DFM" are closing funds under
management of GBP2.09 billion, gross inflows of GBP0.11 billion and
outflows of GBP0.02 billion in relation to the Rowan Dartington
Group funds under management.
In addition, there is a further GBP473 million of funds under
management in third party funds within our Asia
business.
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2. Analysis of Funds under Management
The following table provides an analysis of the funds under
management at 31 March split by geography and asset type:
31 March 2019 31 March 2018
GBP'Billion % of total GBP'Billion % of total
North American Equities 21.6 21% 19.1 21%
UK Equities 18.7 18% 18.5 21%
Fixed Interest 18.5 18% 17.9 20%
European Equities 11.3 11% 10.2 12%
Asia & Pacific Equities 10.8 10% 8.2 9%
Alternative Investments 8.1 8% 2.7 3%
Cash 6.9 7% 6.5 7%
Property 3.0 3% 3.0 3%
Other 4.6 4% 3.8 4%
------------ ----------- ------------ -----------
Total 103.5 100% 89.9 100%
============ =========== ============ ===========
3. Gross Inflow Figures
Unaudited
3 Months to
31 March
2019 2018
GBP'Billion GBP'Billion
Gross inflows
Investment 0.50 0.60
Pension 2.02 2.17
Unit Trust/ISA & DFM 1.09 1.14
------------ ------------
3.61 3.91 -8%
============ ============
4. EEV Net Asset Value per Share
The net asset value on the European Embedded Value basis at 31
March 2019 was approximately 1,190 pence per share (cum div) and
approximately 1,160 pence per share after the payment of the
proposed full year dividend on 24 May 2019.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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