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10-Q - Q3 New Business Inflows and Funds under Management

Company: St. James's Place PLC Date: 2021-10-21 Language: English Register to download
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RNS Number : 7089P

St. James's Place PLC

21 October 2021

\-1-

ST. JAMES'S PLACE plc

27 St. James's Place, London SW1A 1NR

Telephone 020 7493 8111

PRESS RELEASE

21 October 2021

ST. JAMES'S PLACE WEALTH MANAGEMENT

RECORD THIRD QUARTER FLOWS AND FUNDS UNDER MANAGEMENT

St. James's Place plc ("SJP"), the wealth management group, today issues an update on new business inflows and funds under management for the three months ended 30 September 2021.

|     |     |     |
| --- | --- | --- |
|     | Q3 2021 | Q3 2020 |
|     | £'Billion | £'Billion |
|     |     |     |
| Gross inflows | 4.32 | 3.05 |
| Net inflows | 2.59 | 1.44 |
| Closing funds under management | 148.06 | 118.70 |
|     |     |     |
| Year-to-date funds under management retention rate (annualised) | 96.2% | 96.4% |
| Year-to-date net inflows/opening funds under management (annualised) | 8.4% | 6.8% |
|     |     |     |

Andrew Croft, Chief Executive, commented:

"I am delighted to report another strong quarter for St. James's Place. Increased personal savings and improving consumer confidence have provided a favorable market backdrop and this, together with the great work our advisers do in supporting clients with their long-term financial planning, has driven gross inflows of £4.32 billion for the quarter, up strongly against a soft comparator in 2020. Retention has remained robust, underpinning net inflows of £2.59 billion for the period, and contributing to funds under management closing at £148.06 billion, up 14% year to-date.

There remains uncertainty around the near-term economic and investment market outlook, but our business is in great shape and we now anticipate the rate of gross inflow growth for the second half to be modestly ahead of our previous guidance issued in late July. As a result, we expect growth in gross inflows for the full year to be around 25%. Beyond 2021, it is natural that we will see variations in the pattern of new business growth we achieve over time, but our performance this year gives us every confidence in the 2025 ambitions we set out for St. James's Place earlier this year."

\-2-

The details of the announcement are attached.

Enquiries:

|     |     |
| --- | --- |
| Hugh Taylor, Director - Investor Relations | Tel: 07818 075143 |
| Jamie Dunkley, External Communications Director | Tel: 07779 999651 |
| Brunswick Group: Charles Pretzlik/Eilis Murphy | Tel: 020 7404 5959 |
|     | Email: [sjp@brunswickgroup.com](mailto:sjp@brunswickgroup.com) |
|     |     |

Contents

1.   Funds under management

2.   Analysis of funds under management

3.   Gross inflow figures

4.   EEV net asset value per share

\-3-

1.   Funds under management

|     |     |     |     |     |     |     |     |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Three months ended 30 September 2021 | Investment |     | Pension |     | UT/ISA & DFM |     | Total |
|     | £'Billion |     | £'Billion |     | £'Billion |     | £'Billion |
| Opening funds under management | 34.46 |     | 69.15 |     | 40.16 |     | 143.77 |
| Gross inflows | 0.62 |     | 2.34 |     | 1.36 |     | 4.32 |
| Net investment return | 0.38 |     | 0.89 |     | 0.43 |     | 1.70 |
| Regular income withdrawals and maturities | (0.08) |     | (0.42) |     | \-  |     | (0.50) |
| Surrenders and part surrenders | (0.35) |     | (0.37) |     | (0.51) |     | (1.23) |
| Closing funds under management | 35.03 |     | 71.59 |     | 41.44 |     | 148.06 |
| Net inflows | 0.19 |     | 1.55 |     | 0.85 |     | 2.59 |
| Implied surrender rate as a percentage of<br><br>average funds under management | 4.0% |     | 2.1% |     | 5.0% |     | 3.4% |

Rowan Dartington Group FUM was £3.38 billion at 30 September 2021, gross inflows were £0.15 billion for the quarter and outflows were £0.03 billion. SJP Asia FUM was £1.48 billion at 30 September 2021, gross inflows were £0.08 billion for the quarter and outflows were £0.02 billion.

|     |     |     |     |     |     |     |     |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Three months ended 30 September 2020 | Investment |     | Pension |     | UT/ISA & DFM |     | Total |
|     | £'Billion |     | £'Billion |     | £'Billion |     | £'Billion |
| Opening funds under management | 29.88 |     | 53.52 |     | 32.28 |     | 115.68 |
| Gross inflows | 0.33 |     | 1.96 |     | 0.76 |     | 3.05 |
| Net investment return | 0.31 |     | 0.86 |     | 0.41 |     | 1.58 |
| Regular income withdrawals and maturities | (0.06) |     | (0.40) |     | \-  |     | (0.46) |
| Surrenders and part surrenders | (0.28) |     | (0.37) |     | (0.50) |     | (1.15) |
| Closing funds under management | 30.18 |     | 55.57 |     | 32.95 |     | 118.70 |
| Net inflows | (0.01) |     | 1.19 |     | 0.26 |     | 1.44 |
| Implied surrender rate as a percentage of<br><br>average funds under management | 3.7% |     | 2.7% |     | 6.1% |     | 3.9% |

Rowan Dartington Group FUM was £2.72 billion at 30 September 2020, gross inflows were £0.09 billion for the quarter and outflows were £0.03 billion. SJP Asia FUM was £1.06 billion at 30 September 2020, gross inflows were £0.06 billion for the quarter and outflows were £0.01 billion.

\-4-

|     |     |     |     |     |     |     |     |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Nine months ended 30 September 2021 | Investment |     | Pension |     | UT/ISA & DFM |     | Total |
|     | £'Billion |     | £'Billion |     | £'Billion |     | £'Billion |
| Opening funds under management | 32.22 |     | 61.31 |     | 35.81 |     | 129.34 |
| Gross inflows | 1.86 |     | 7.32 |     | 4.33 |     | 13.51 |
| Net investment return | 2.29 |     | 5.35 |     | 2.95 |     | 10.59 |
| Regular income withdrawals and maturities | (0.20) |     | (1.27) |     | \-  |     | (1.47) |
| Surrenders and part surrenders | (1.14) |     | (1.12) |     | (1.65) |     | (3.91) |
| Closing funds under management | 35.03 |     | 71.59 |     | 41.44 |     | 148.06 |
| Net inflows | 0.52 |     | 4.93 |     | 2.68 |     | 8.13 |
| Implied surrender rate as a percentage of<br><br>average funds under management | 4.5% |     | 2.2% |     | 5.7% |     | 3.8% |

Rowan Dartington Group FUM was £3.38 billion at 30 September 2021, gross inflows were £0.43 billion for the nine-month period and outflows were £0.11 billion. SJP Asia FUM was £1.48 billion at 30 September 2021, gross inflows were £0.26 billion for the nine-month period and outflows were £0.09 billion.

|     |     |     |     |     |     |     |     |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Nine months ended 30 September 2020 | Investment |     | Pension |     | UT/ISA & DFM |     | Total |
|     | £'Billion |     | £'Billion |     | £'Billion |     | £'Billion |
| Opening funds under management | 31.22 |     | 52.84 |     | 32.93 |     | 116.99 |
| Gross inflows | 1.26 |     | 6.07 |     | 2.98 |     | 10.31 |
| Net investment return | (1.22) |     | (1.46) |     | (1.57) |     | (4.25) |
| Regular income withdrawals and maturities | (0.19) |     | (0.99) |     | \-  |     | (1.18) |
| Surrenders and part surrenders | (0.89) |     | (0.89) |     | (1.39) |     | (3.17) |
| Closing funds under management | 30.18 |     | 55.57 |     | 32.95 |     | 118.70 |
| Net inflows | 0.18 |     | 4.19 |     | 1.59 |     | 5.96 |
| Implied surrender rate as a percentage of<br><br>average funds under management | 3.9% |     | 2.2% |     | 5.6% |     | 3.6% |

Rowan Dartington Group FUM was £2.72 billion at 30 September 2020, gross inflows were £0.30 billion for the nine-month period and outflows were £0.12 billion. SJP Asia FUM was £1.06 billion at 30 September 2020, gross inflows were £0.21 billion for the nine-month period and outflows were £0.04 billion.

\-5-

2.   Analysis of funds under management

The following table provides an analysis of the funds under management at 30 September split by geography and asset type:

|     |     |     |     |     |     |     |     |
| --- | --- | --- | --- | --- | --- | --- | --- |
|     | 30 September 2021 |     |     |     | 30 September 2020 |     |     |
|     | £'Billion |     | % of total |     | £'Billion |     | % of total |
| North American Equities | 41.8 |     | 28% |     | 27.0 |     | 23% |
| Fixed Interest | 24.0 |     | 16% |     | 22.2 |     | 19% |
| Asia and Pacific Equities | 21.4 |     | 14% |     | 17.4 |     | 15% |
| UK Equities | 19.8 |     | 13% |     | 16.6 |     | 14% |
| European Equities | 17.5 |     | 12% |     | 12.5 |     | 10% |
| Alternative Investments | 11.5 |     | 8%  |     | 9.7 |     | 8%  |
| Cash | 6.2 |     | 4%  |     | 7.8 |     | 7%  |
| Property | 2.5 |     | 2%  |     | 2.6 |     | 2%  |
| Other | 3.4 |     | 3%  |     | 2.9 |     | 2%  |
| Total | 148.1 |     | 100% |     | 118.7 |     | 100% |

3.   Gross inflow figures

|     |     |     |     |     |     |     |     |
| --- | --- | --- | --- | --- | --- | --- | --- |
|     | Unaudited<br><br>3 Months to<br><br>30 September |     |     |     | Unaudited<br><br>9 Months to<br><br>30 September |     |     |
|     | 2021 | 2020 |     |     | 2021 | 2020 |     |
|     | £'Billion | £'Billion |     |     | £'Billion | £'Billion |     |
| Gross inflows |     |     |     |     |     |     |     |
| Investment | 0.62 | 0.33 |     |     | 1.86 | 1.26 |     |
| Pension | 2.34 | 1.96 |     |     | 7.32 | 6.07 |     |
| Unit Trust/ISA & DFM | 1.36 | 0.76 |     |     | 4.33 | 2.98 |     |
|     | 4.32 | 3.05 | +42% |     | 13.51 | 10.31 | +31% |

4.   EEV net asset value per share

The net asset value on the European Embedded Value basis at 30 September 2021 was approximately 1,590 pence per share.

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