St James's Place reports 20% inflows jump in Q3

Pensions changes boosted flows

Wealth manager St James's Place reported a 20% jump in gross inflows in the third quarter, as a result of the "biggest changes to retirement options in a generation".

Gross inflows for the group were £2.3bn for the three months to the end of September, compared with the £1.9bn reported for the same period last year. Net inflows were also higher, with £1.5bn reported for the quarter, compared to £1.3bn last year. The group also reported "strong retention" of client funds at around 95%. However, funds under management were marginally lower, falling from £55.5bn at the start of the period to £54.5bn, with £2.5bn being wiped off as volatile markets hit investment returns. David Bellamy (pictured), chief executive, said: "Despite the volatility acros...