Figures associated with St James’s Place Wealth Management in Gloucestershire are always mind-boggling, but as the nation looks for signs of recovery they have taken on a new meaning.
The Cirencester-headquartered plc has just released a report for its first quarter of 2021 which shows it added £4.79 billion to its books between January and March – up on the same period last year by 19 per cent.
It takes the total funds under management to £135.46 billion – up from £101.67 at the same point last year.
Andrew Croft, chief executive of St James’s Place, described himself as ‘pleased’.
‘The moderate growth in new business that we saw in the early weeks of 2021 gathered pace through the quarter as confidence improved and clients sought to commit accumulated savings to longer-term investments,’ said Mr Croft.
‘This, together with strong activity linked to tax year-end planning, resulted in an exceptional new business performance in March.
‘With retention of our client investments remaining strong, net inflows for the period were up 22 per cent at £2.90 billion.
‘Although COVID-19 restrictions and economic uncertainty continue, the demand for trusted advice is stronger than ever and I am confident that, given the quality of the partnership and the strength of our client proposition, we are well placed to deliver another good year for St James’s Place.’
St James’s Place employs an estimated 1,000 staff in Gloucestershire with the partnership representing more than 2,540 businesses, 4,338 professional advisers and 5,914 support staff.
By Andrew Merrell