Key facts
- St. James's Place reported £0.89bn in net inflows for the third quarter.
- Assets under management reached a record £184bn, up from £158bn year-on-year.
- Client retention rate was steady at an annualized 94.6%.
- A new charging structure is set to be rolled out in the second half of 2025.
- Controversial exit charges have been scrapped.
- The company has set aside funds for regulatory compensation claims.
St. James's Place (STJ) has reported strong third-quarter performance, with net inflows of £0.89bn despite a challenging market environment. The wealth and asset manager's assets under management reached a record £184bn, an increase from £158bn in the same period last year. The company maintained an impressive client retention rate of 94.6% on an annualized basis, showing no change from the previous quarter.
Management indicated that the company is on track to implement a new tiered charging structure for ongoing product and advice fees in the second half of 2025. Controversial exit charges have already been abolished, and the firm has provisioned funds to address potential regulatory compensation claims. The European embedded value (EEV) was reported at 1,622p.
Historically, St. James's Place, founded in 1991, has navigated various challenges, including accusations of misleading customers on charges in 2017 and concerns raised by the Financial Ombudsman Service in 2019 regarding alleged document alteration. In 2019, former footballers sued the company over alleged poor advice concerning tax avoidance schemes.