£8.2 billion flows into St James’s Place’s in an ‘extraordinary year’

Gloucestershire’s biggest business, St James’s Place Wealth Management, has reflected on an ‘extraordinary year’ for everyone – and a small matter of £8.2 billion of investment and significantly increased profits.

It is a reflection of where we have been and are (battling a pandemic) that even when your business attracts billions of pounds of customers’ money, your first thought is not about the cash – it is about people.

Andrew Croft, chief executive of St James’s Place did reflect on the performance of the Cirencester wealth management firm in its annual results, of course.

But, despite the increase in profits from £146.6 million in 2019 to £262.0 million, Mr Croft’s first words in an almost sombre statement were for the individuals and families in what he called ‘extraordinary year’.

‘2020 was an extraordinary year for individuals, families, businesses and broader societies across the globe, with events shaped by the COVID-19 pandemic that began early in the year.

‘Our lives have been disrupted and we have all had to adapt to protect the physical, mental and financial health of ourselves, our friends and loved ones, our colleagues, and the vulnerable,’ said Mr Croft.

Turning to business matters, he added: ‘Our operations and performance during 2020 were inevitably disrupted by the lockdowns and social distancing.

‘However, I am very pleased to report that our business has demonstrated real resilience and made further progress with net inflows of £8.2 billion for the year and funds under management closing at a record £129.3 billion.

‘Overall, I am very pleased with both our new business and financial results for 2020.’

Shareholders concerned by a decision to withhold 11.22 pence of the 2019 final dividend at the start of the pandemic need fear not.

Mr Croft said the Cotswold firm’s board now have the confidence to pay this withheld amount as a further interim dividend during the first quarter. It also proposed a final and full year dividend for 2020 of 38.49 pence per share.

By Andrew Merrell


Follow SoGlos on LinkedIn and sign-up to the weekly SoGlos business newsletter for the very latest Gloucestershire business news stories.

© SoGlos
Thursday 25 February 2021

More news you might like...

ZeroAvia, due to touch down in Gloucestershire to develop the world’s first market-ready 19-seat hydrogen-electric powered aircraft.

Hydrogen-electric powered aircraft firm backed by Bill Gates moves to Gloucestershire

Backed by Bill Gates, millions of pounds of government money, and GFirst LEP, a firm developing the world’s first commercial...

Cheltenham’s newest boutique cocktail bar, Imperial Haus, has revealed its launch date.

New 'enchanting' boutique bar is opening in Cheltenham

Imperial Haus is Cheltenham’s newest venue set in the former home of Boogie Lounge and will open in May 2021.

M5 Motorhome Hire is relocating from Tewkesbury to a bigger site in Cheltenham after having to expand to cope with demand following the pandemic.

How the staycation boom has shaped one of Gloucestershire's business

Gloucestershire-based company M5 Motorhome Hire saw a huge increase in bookings last year and 2021 is set to be even busier,...

Montagu Academy in Gloucester has been delivering high-level PE and sport to children across the county for eight years.

How Montagu Academy is helping keep children active during lockdown

Montagu Academy, a Gloucester-based sports coaching company, has been keeping kids of all abilities active, as well as being...

Doorstep Meals is a new Cotswolds cook-at-home meal kit delivery service.

A new Cotswolds meal kit delivery service has been launched

A new meal kit delivery service, with all the ingredients sourced from suppliers in the Cotswolds, has been launched by Doorstep...

Unmissable highlights