SJP boosts funds under management by £16bn

Bellamy David SJP 480
SJP chief executive David Bellamy

St James’s Place has added £16bn of funds under management over the last year, its latest results show.

For the three months to September, SJP saw net fund inflows of £1.66bn, taking total funds under management to £71.4bn.

This compares to £54.5bn at the same point in 2015.

£1.26bn of the increase has come from SJP’s acquisition of stockbroker and discretionary fund manager Rowan Dartington in July 2015.

SJP’s deal to acquire Rowan Dartington was worth up to £34m depending on performance.

The results also show SJP has reduced its UK equity exposure from 28 per cent as at 30 September 2015 to 24 per cent as at 30 September 2016, and has increased its North American and fixed interest positions.

Gross inflows from investments fell from £620m to £570m, but gross pensions inflows rose from £960m to £1.24bn.

SJP chief executive David Bellamy says: “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.”

SJP was able to hike its interim dividend for 2016 by 15 per cent in July, the same month as it reshuffled a number of its high profile fund managers including Aberdeen Asset Management’s Hugh Young.

The group remains one of the most complained about in the UK. FCA data shows more than 1,700 complaints were opened against companies in the St James’s Place group in the first six months of the year.

Given SJP has a total of 550,000 clients, this represents under 1 per cent of total business.

SJP Investment Administration, the arm of the group which looks after the administration of ISA’s and unit trust products, had the highest complaint uphold rate of any company listed in the FCA’s data at 96 per cent.