St. James's Place PLC — Earnings Release 2019

Apr 30, 2019

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RNS Number : 4631X

St. James's Place PLC

30 April 2019

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ST. JAMES'S PLACE plc

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

Telephone 020 7493 8111

PRESS RELEASE

30 April 2019

ST. JAMES'S PLACE WEALTH MANAGEMENT

ST. JAMES'S PLACE FUNDS UNDER MANAGEMENT REACH £103.5 BILLION

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 31 March 2019.

	Q1 2019		Q1 2018
	£'Billion		£'Billion
Gross inflows	3.61		3.91
Net inflows	2.18		2.60
Closing Funds under Management	103.52		89.91
Funds under management retention rate (annualised)	95.9%		96.2%
Net inflows/opening funds under management (annualised)	9.1%		11.5%

Andrew Croft, Chief Executive, commented:

"We have experienced a good start to the year, attracting £3.61 billion of gross inflows which, together with continued strong retention, has resulted in net inflows for the quarter of £2.18 billion - equating to 2.3% of opening funds under management (9.1% on an annualised basis).  This performance demonstrates the resilience of our business through the current political and macro-economic uncertainty.

These net inflows, coupled with positive investment returns, have resulted in an 8.3% increase in Funds under Management to a record £103.5 billion at the end of March.

Whilst uncertainty will inevitably impact investor sentiment from time to time, it does not change the long-term needs of individuals.  There remains both a growing market for trusted face-to-face advice in the UK and an advice gap that represents a major opportunity for us.  Given the scale and quality of the St. James's Place Partnership we are confident of both the resilience of the business in more difficult times and our ability to continue to grow the business over the medium to long term."

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The details of the announcement are attached.

Enquiries:

Andrew Croft, Chief Executive Officer	Tel: 020 7514 1963
Craig Gentle, Chief Financial Officer	Tel: 020 7514 1963
Tony Dunk, Investor Relations Director	Tel: 020 7514 1963
Jamie Dunkley, External Communications Director	Tel: 020 7514 1963
Brunswick Group	Tel: 020 7404 5959
Charles Pretzlik	Email: cpretzlik@brunswickgroup.com
Tom Burns	Email: tburns@brunswickgroup.com

Contents

1.   Funds under Management

2.   Analysis of Funds under Management

3.   Gross Inflow Figures

4.   EEV Net Asset Value per Share

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1.   Funds under Management

Three Months Ended 31 March 2019	Investment		Pension		UT/ISA  & DFM		Total
	£'Billion		£'Billion		£'Billion		£'Billion
Opening funds under management	27.62		40.72		27.21		95.55
Gross inflows	0.50		2.02		1.09		3.61
Net investment return	1.44		2.65		1.70		5.79
Regular income withdrawals and maturities	(0.13)		(0.28)		-		(0.41)
Surrenders and part surrenders	(0.28)		(0.25)		(0.49)		(1.02)
Closing funds under management	29.15		44.86		29.51		103.52
Net inflows	0.09		1.49		0.60		2.18
Implied surrender rate as a percentage of average funds under management	3.9%		2.4%		6.9%		4.1%

Included within "UT/ISA & DFM" are closing funds under management of £2.54 billion, gross inflows of £0.15 billion and outflows of £0.04 billion in relation to the Rowan Dartington Group funds under management.

In addition, there is a further £411 million of funds under management in third party funds within our Asia

business.

Three Months Ended 31 March 2018	Investment		Pension		UT/ISA  &  DFM		Total
	£'Billion		£'Billion		£'Billion		£'Billion
Opening funds under management	28.31		36.15		26.29		90.75
Gross inflows	0.60		2.17		1.14		3.91
Net investment return	(0.97)		(1.36)		(1.11)		(3.44)
Regular income withdrawals and maturities	(0.16)		(0.29)		-		(0.45)
Surrenders and part surrenders	(0.21)		(0.26)		(0.39)		(0.86)
Closing funds under management	27.57		36.41		25.93		89.91
Net inflows	0.23		1.62		0.75		2.60
Implied surrender rate as a percentage of average funds under management	3.0%		2.9%		6.0%		3.8%

Included within "UT/ISA & DFM" are closing funds under management of £2.09 billion, gross inflows of £0.11 billion and outflows of £0.02 billion in relation to the Rowan Dartington Group funds under management.

In addition, there is a further £473 million of funds under management in third party funds within our Asia

business.

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2.   Analysis of Funds under Management

The following table provides an analysis of the funds under management at 31 March split by geography and asset type:

	31 March 2019				31 March 2018
	£'Billion		% of total		£'Billion		% of total
North American Equities	21.6		21%		19.1		21%
UK Equities	18.7		18%		18.5		21%
Fixed Interest	18.5		18%		17.9		20%
European Equities	11.3		11%		10.2		12%
Asia & Pacific Equities	10.8		10%		8.2		9%
Alternative Investments	8.1		8%		2.7		3%
Cash	6.9		7%		6.5		7%
Property	3.0		3%		3.0		3%
Other	4.6		4%		3.8		4%
Total	103.5		100%		89.9		100%

3.   Gross Inflow Figures

	Unaudited 3 Months to 31 March
	2019	2018
	£'Billion	£'Billion
Gross inflows
Investment	0.50	0.60
Pension	2.02	2.17
Unit Trust/ISA & DFM	1.09	1.14
	3.61	3.91	-8%

4.   EEV Net Asset Value per Share

The net asset value on the European Embedded Value basis at 31 March 2019 was approximately 1,190 pence per share (cum div) and approximately 1,160 pence per share after the payment of the proposed full year dividend on 24 May 2019.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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