Cirencester-headquartered wealth management firm St James's Place (SJP) reveals that it managed record funds for a growing client base at the end of June 2024 in its latest half year report.
Despite a difficult 12 months which saw net inflows fall and the business drop out of the FTSE 100, CEO Mark Fitzpatrick says it's evident the firm remains 'in good shape' in the first half of 2024, with £181.9 billion in client funds under its management — up from £168.2 billion in December 2023 — along with strong investment returns and a growing client base.
Also in the report, SJP reveals that following a thorough review of the business, it plans to make savings of £100 million over the next three years — and £500 million by 2030 — through a cost base reduction programme, around half of which will be invested back into the business with a view to improving clients' experience.
The firm has also made progress against 'significant' programmes of work to simplify its charging structure and review historic client servicing records in the six months to July 2024.
The half year report reveals that the firm saw gross inflows of £8.5 billion (£8.0 billion in 2023) and net inflows of £1.9 billion (£3.4 billion in 2023), while its client base grew by three per cent to 988,000, up from 958,000 at the end of December 2023.
Mark Fitzpatrick says the results, coupled with its 'refreshed' strategic focus, leaves the business 'well placed for a very bright future ahead'.
He said: 'I am encouraged to report robust business performance for the first half of 2024 across each of our key operating and financial metrics, demonstrating the continued resilience of our business model even as we work to address the past challenges that I set out earlier in the year.
'Helped by strong investment returns for our clients, we have
achieved record funds under management, delivered a good outturn for the Cash result, and grown the Partnership
and our client base. It’s evident that we remain in good shape.'
He concluded: 'We must acknowledge that for all our qualities as a business, we have a lot of hard work ahead of us over the next 24 months to strengthen our core and execute our existing programmes of work, helping us to become a more efficient and effective business.
'From a strong base, we can capture the structural market opportunities ahead of us and drive growth over the long-term.'
