St James's Place Wealth Management has reported £2.3bn of net inflows during the last quarter of an 'extraordinary' 2020, which helped its funds under management soar to a fresh record high.
At the end of December, FUM stood at £129.3bn, an 11% increase over the 12-month period and a fresh record for the business. Total net inflows during the year amounted to £8.3bn, representing 7.1% of opening FUM, though this was lower than the previous year, when net inflows amounted to 9.4% of FUM. Commenting on the impact of the pandemic on the business, chief executive Andrew Croft said: "Sensitive to the challenging external environment for many financial advice businesses across the UK, we decided to slow the pace of our experienced adviser recruitment activity and paused the int...
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