One of Britain’s biggest wealth managers has increased its assets to more than £140 billion after clients who built up bumper savings during lockdowns poured money into the business.
St James’s Place reported better net inflows than expected of £5.5 billion for the six months to the end of June, which, combined with favourable movements in financial markets, propelled its total funds under management to a record £143.8 billion. Gross inflows amounted to £9.2 billion of new client investments, a 27 per cent increase from last year, and it is forecasting a rise of about 20 per cent during the second half.
St James’s Place is benefiting from the rising popularity of investing and financial planning advice that has been sparked by the pandemic. The