Wealth supervisor St James’s Place mentioned 2022 was its second-best yr for brand new enterprise, regardless of the powerful financial backdrop and a drop in inflows.
For the total yr it took in £9.8bn in internet inflows, it mentioned. Nonetheless that was down from 2021 when internet inflows have been reported at £11.04bn.
Andrew Croft, chief government, mentioned: “Regardless of vital macroeconomic challenges, which deepened because the yr progressed, 2022 marks the second-best yr for brand new enterprise flows in St James’s Place’s historical past.
“This robust final result is testomony to the laborious work of everybody in our group and to the enduring resilience of our enterprise, regardless of the atmosphere.”
He mentioned the corporate had a satisfying uptick within the final three months. “I’m happy to report that our advisers attracted £3.87bn of latest shopper investments in the course of the closing quarter.”
Nonetheless the broader financial challenges for purchasers’ had an have an effect on and the agency’s belongings beneath administration for 2022 fell 4% to £148.4bn, from £153.99bn on the finish of 2021.
Mr Croft mentioned: “Retention of shopper investments stays very excessive, reflecting not solely their long-term nature, but additionally the steadying hand of our advisers in troublesome markets.”
The variety of certified advisers on the agency climbed by 137 over the yr, rising from 4,556 to 4,693.
Mr Croft mentioned 2023 has began in a lot the identical means that 2022 ended, “however it’s encouraging to see more moderen constructive indicators that UK inflation could have peaked, along with some proof that foreign money and funding markets are extra steady.”
He added {that a} sustained restoration in macroeconomic indicators would naturally be conducive in direction of enhancing shopper sentiment, exercise ranges and naturally funds beneath administration, as 2023 unfolds.
Mr Croft continued: “Long term, the demand for trusted, face-to-face recommendation is just getting stronger, so with a rising partnership and a enterprise in nice form, we proceed to be properly positioned to capitalise on our market alternative and ship towards our 2025 ambitions.”
