St James's Place net inflows fall 31% year-on-year in first quarter

Results yesterday (27 April) showed net inflows sank to £2bn compared with Q1 2022's £2.9bn figure, while the wealth management giant posted gross inflows of £4.2bn, down from Q1 2022's £4.7bn. Despite the drop from Q1 2022, funds under management nudged upwards compared to the first three months of last year to £153.6bn - up 1.6% from £151.2bn. Yet the funds under management retention rate decreased slightly, falling to 95.9% in Q1 2023 compared to 96.6% in Q1 2022. Despite the falls, chief executive Andrew Croft said the company had a "good quarter", pointing to its financial adv...