Key facts
- St James's Place reported a 5% decrease in H1 adjusted profit after tax to £224.4 million.
- Assets under management reached a record £240.8 billion.
- Net inflows for the period were £2.7 billion.
- The company is addressing client exits and a controversy over double charging.
- St James's Place aims to achieve £100 million in annual cost savings.
St James's Place has reported a 5% decline in its adjusted profit after tax for the first half of 2026, falling to £224.4 million from £307.0 million a year prior. This comes as the wealth manager faces client departures, including a firm managing around £1 billion in assets, and addresses a controversy over advisors charging clients twice. Despite the profit dip, assets under management reached a record £240.8 billion, supported by positive market performance and steady gross inflows. Net inflows, however, decreased to £2.7 billion from £3.8 billion in the same period last year. The company is implementing cost-saving measures, aiming to remove £100 million annually from its cost base, and has reshaped its charging structure in line with the Financial Conduct Authority's Consumer Duty regime. St James's Place stated that its new charging structure benefits from all charges applying from the day of a new investment, earning a margin on financial advice, product, and fund management, differing from its previous model focused on ongoing product charges.