The boss of St James’s Place was referring to the impact of Covid-19 when he called 2020 ‘an extraordinary year’, but he might have been referring to the Cotswold firm’s balance sheet.
The Cirencester-headquartered wealth management firm saw ‘gross inflows’ for its last quarter total £4.02 billion – one per cent up against the same period in 2019.
However, when viewed over 12 months the FTSE firm’s funds undermanagement topped a record £129.34 billion (up 11 per cent), which is the figure that means that St James’s Place is often referred to as the county’s biggest business – if you accept this as ‘turnover’.
Andrew Croft, chief executive officer at St Jame’s Place, said: ‘In the final quarter (ending 31 December 2020) of what can only be described as an extraordinary year for individuals, families, business and broader societies across the world, I am pleased to report that St James’s Place delivered another robust set of new business results.’
St James’s place currently has 4,338 advisers on its books. As a result of the ongoing pandemic the firm said it had ‘decided to slow the pace’ of its recruitment activity and ‘paused the intake’ to its academy programme.
By Andrew Merrell