British wealth manager St. James’s Place (SJP) said that its gross inflow of funds under management during the first quarter of 2018 was £3.91bn, an increase of 21% compared to £3.23bn in the year ago period.
The group’s net inflow of funds under management stood at £2.6bn, a surge of 31% from £1.99bn last year.
Group funds under management totalled £89.91bn as at 31 March 2018, as against £79.84bn in the previous year.
SJP CEO Andrew Croft said: “After a record year for new business in 2017, we have maintained momentum in the first quarter of 2018. Gross inflows of £3.91bn in the quarter were 21% higher than the prior year, while net inflows of £2.6bn were 31% higher, reflecting the continuing excellent retention of existing client investments.
“Weaker investment markets resulted in funds under management closing at £89.91bn, marginally lower over the three months but still up strongly over the past year.”