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St. James's Place plc issued an update on new business inflows and funds under management for the three months ended 31 March 2023. For Q1 2023, the company reported gross inflows of £4.17 billion, net inflows of £2.00 billion, and closing funds under management of £153.62 billion. The European Embedded Value net asset value per share was approximately £17.16 (cum div) at 31 March 2023.
| Date | 27 Apr 2023 |
| Time | 07:00:04 |
| Category | Trading updates |
| ID | 6010X |
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PRESS RELEASE
27 April 2023
ST. JAMES'S PLACE DELIVERS ANOTHER RESILIENT NEW BUSINESS PERFORMANCE
St. James's Place plc ('SJP') today issues an update on new business inflows and funds under management for the three months ended 31 March 2023.
|
|
Q1 2023 |
Q1 2022 |
|
|
|
£'Billion |
£'Billion |
|
|
Gross inflows |
4.17 |
4.73 |
|
|
Net inflows |
2.00 |
2.91 |
|
|
Closing funds under management |
153.62 |
151.25 |
|
|
|
|
|
|
|
Funds under management retention rate (full year) 1 |
95.9% |
96.6% |
|
|
Net inflows/opening funds under management (full year) |
5.4% |
7.6% |
|
1 Excluding regular income withdrawals and maturities
Andrew Croft, Chief Executive Officer, commented:
"I am pleased to announce another good quarter for St. James's Place, with our advisers attracting £4.17 billion of new client investments to the business. While lower versus a very strong first quarter outturn in 2022, these gross inflows represent growth against the final quarter of last year. Retention has remained strong, supporting a further £2.00 billion of net inflows and contributing to funds under management closing the period at £153.62 billion. This outcome for both gross and net flows is testament to the scale of ongoing demand for trusted face-to-face advice, the long-term nature of our client proposition and the strength of adviser-client relationships in all environments.
We have begun 2023 much as we expected, so if macroeconomic indicators and consumer sentiment show further signs of recovery, we continue to anticipate a more supportive environment for new business as 2023 unfolds."
The details of the announcement are attached.
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Enquiries:
|
Hugh Taylor, Director - Investor Relations |
Tel: 07818 075143 |
|
Jamie Dunkley, External Communications Director |
Tel: 07779 999651 |
|
Brunswick Group: |
Tel: 020 7404 5959 |
|
Eilis Murphy Charles Pretzlik |
Email: sjp@brunswickgroup.com
|
Contents
1. Funds under management
2. Analysis of funds under management
3. EEV net asset value per share
1. Funds under management
|
Three months ended 31 March 2023 |
Investment |
Pension |
UT/ISA and DFM |
Total |
|
£'Billion |
£'Billion |
£'Billion |
£'Billion |
|
|
Opening FUM |
33.29 |
73.86 |
41.22 |
148.37 |
|
Gross inflows |
0.59 |
2.43 |
1.15 |
4.17 |
|
Net investment return |
0.69 |
1.74 |
0.82 |
3.25 |
|
Regular income withdrawals and maturities |
(0.14) |
(0.47) |
- |
(0.61) |
|
Surrenders and part-surrenders |
(0.43) |
(0.41) |
(0.72) |
(1.56) |
|
Closing FUM |
34.00 |
77.15 |
42.47 |
153.62 |
|
Net inflows |
0.02 |
1.55 |
0.43 |
2.00 |
|
Implied surrender rate as a percentage of average FUM |
5.1% |
2.2% |
6.9% |
4.1% |
Included in the table above is:
· Rowan Dartington Group FUM of £3.35 billion at 31 March 2023, gross inflows of £0.12 billion for the quarter and outflows of £0.05 billion.
· SJP Asia FUM of £1.53 billion at 31 March 2023, gross inflows of £0.04 billion for the quarter and outflows of £0.03 billion.
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|
Three months ended 31 March 2022 |
Investment |
Pension |
UT/ISA and DFM |
Total |
|
£'Billion |
£'Billion |
£'Billion |
£'Billion |
|
|
Opening FUM |
35.95 |
74.83 |
43.21 |
153.99 |
|
Gross inflows |
0.63 |
2.53 |
1.57 |
4.73 |
|
Net investment return |
(1.15) |
(2.80) |
(1.70) |
(5.65) |
|
Regular income withdrawals and maturities |
(0.08) |
(0.42) |
- |
(0.50) |
|
Surrenders and part-surrenders |
(0.38) |
(0.39) |
(0.55) |
(1.32) |
|
Closing FUM |
34.97 |
73.75 |
42.53 |
151.25 |
|
Net inflows |
0.17 |
1.72 |
1.02 |
2.91 |
|
Implied surrender rate as a percentage of average FUM |
4.4% |
2.0% |
5.1% |
3.4% |
Included in the table above is:
· Rowan Dartington Group FUM of £3.42 billion at 31 March 2022, gross inflows of £0.13 billion for the quarter and outflows of £0.04 billion.
· SJP Asia FUM of £1.56 billion at 31 March 2022, gross inflows of £0.08 billion for the quarter and outflows of £0.02 billion.
2. Analysis of funds under management
The table below provides a geographical and investment-type analysis of FUM at 31 March.
|
|
31 March 2023 |
31 March 2022 |
||
|
£'Billion |
Percentage of total |
£'Billion |
Percentage of total |
|
|
North American equities |
49.3 |
32% |
45.9 |
30% |
|
Fixed income securities |
24.0 |
16% |
25.2 |
17% |
|
European equities |
21.9 |
14% |
19.7 |
13% |
|
Asia and Pacific equities |
18.9 |
12% |
17.2 |
11% |
|
UK equities |
16.4 |
11% |
20.5 |
13% |
|
Alternative investments |
12.4 |
8% |
11.8 |
8% |
|
Cash |
5.6 |
4% |
5.5 |
4% |
|
Other |
3.0 |
2% |
2.8 |
2% |
|
Property |
2.1 |
1% |
2.7 |
2% |
|
Total |
153.6 |
100% |
151.3 |
100% |
3. EEV net asset value per share
The net asset value on the European Embedded Value basis at 31 March 2023 was approximately £17.16 per share (cum div) and approximately £16.79 per share after the payment of the proposed full year dividend on 31 May 2023.