St. James's Place Q1 Gross Inflow Of Funds Up 21% - Quick Facts

(RTTNews) - St. James's Place plc (STJ.L), the wealth management group, issued an update on new business inflows and funds under management for the first quarter ended March 31, 2018.

The company reported gross inflow of funds under management of 3.91 billion pounds, up 21 percent from 3.23 billion pounds in the prior-year quarter.

Net inflow of funds under management was 2.60 billion pounds, up 31 percent from 1.99 billion pounds in the prior-year period.

Group funds under management increased to 89.91 billion pounds from 79.84 billion pounds a year ago. However, weaker investment markets resulted in funds under management being marginally lower over the preceding quarter.

Looking ahead, Andrew Croft, Chief Executive of St. James's Place, said, "We continue to see a growing market for trusted face-to-face financial advice and believe St. James's Place remains ideally placed to meet this need. This growing market, together with the strong start we have made to 2018, reinforces our confidence in our ability to achieve our stated objective of 15-20% growth in gross inflows during 2018 and beyond."