Cotswold-based wealth manager St James's Place has reported what it calls 'another exceptional year', with £17 billion of funds flowing into the business.
The Cirencester-headquartered FTSE 100 firm said 2022 was its second best year ever, with funds under management now totalling £148.4 billion (down slightly from £154 billion in 2021) and operating profit coming in at £1,589.7 million.
It took on an extra 137 qualified advisors during the year, growing its team to 4,693, and said while economic conditions in 2022 had been tough, it has confidence in its business model and sees clear positive signs for the year ahead.
Andrew Croft, chief executive officer for St James’s Place, the biggest firm in Gloucestershire by turnover, said: ‘2022 presented a more challenging backdrop as UK consumers faced the reality of sharply rising inflation, macroeconomic and geopolitical uncertainty, and investment market volatility.
'Despite this, we achieved the second-best year for new business flows in our history as our advisers performed admirably in helping clients feel confident in their finances and remain on track for the future.
‘2023 has continued in much the same way that 2022 ended, but we remain encouraged to see indicators that UK inflation may have peaked and there are some signs of optimism for the direction of economies and investment markets worldwide.’
The firm said it believed demand would only increase for the service it offers.
