St. James's Place has seen net inflows jump a 'record' 25% in the second quarter, despite market volatility following the Brexit vote weighing on investor confidence.
The wealth manager has seen net inflows rise to £3.1bn, a 25% rise during the quarter and a 15% jump over the six months to the end of June from the £2.7bn seen at the end of 2015. Its underlying profit before shareholder tax also increased, to £73.8m from £72.9m at the end of 2015, while operating profit hit £284m, up from £265.3m. As a result of the strong flows the wealth manager has seen a £10bn jump in its group funds under management, which now stand at £65.6bn compared to £55.5bn a year ago. However, the firm also said it faced a Financial Services Compensation Scheme levy o...
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