SJP pensions boost drives assets to £80bn

Outgoing SJP chief executive David Bellamy

St James’s Place’s acquisition of discretionary fund manager Rowan Dartington and a boost in its pension business has taken its funds under management to nearly £80bn.

In a trading update this morning, SJP reported gross pension inflows were up a quarter from £1.18 billion to £1.47 billion for the three months to the end of March.

However, the largest proportional growth was seen in the firm’s unit trust, Isa and DFM business, with gross inflows up 46 per cent from £810 million to £1.18 billion.

SJP’s acquisition of DFM Rowan Dartington netted the firm £1.26 billion in funds under management over the three months. Gross inflows from Rowan were £90 million with £20 million in outflows.

Outgoing chief executive David Bellamy says: “At the beginning of the year I said we were better placed for the opportunities that lie ahead than ever before and these gross and net inflow figures reinforce that confidence.

“Looking ahead, whilst political and macro uncertainties persist, the more immediate concern for many people relates to personal financial matters, particularly in relation to long term savings, protecting and preserving wealth, tax and intergenerational planning.

“In this regard, the scale and quality of our relationship-based and advice-led approach to the management of our clients’ financial affairs, together with our investment management proposition, means we are increasingly well placed to meet this growing need for trusted advice.”

Overall, SJP’s funds under management are £15 billion up from the same time last year, with a 95 per cent retention of client funds.