By Emma-Victoria Farr
LONDON – Wealth manager St. James’s Place said on Thursday its funds under management hit a record 153.99 billion pounds ($206.76 billion) in the fourth quarter, as it brought in 2.91 billion pounds of net new money.
Total net inflows during 2021 came to 11.04 billion pounds, representing 8.5% of opening funds under management, helped by pandemic savings continuing to flow in.
“We remain confident in achieving our 2025 ambitions,” chief executive Andrew Croft said in a statement.
The asset manager said in February last year that it wanted to have more than 200 billion pounds under management by end-2025.
St James’s Place said its 2021 client retention rate was its strongest year to date, contributing to funds under management rising 19% over the course of the year.
Wealth managers have seen their assets under management reach record levels since the pandemic took hold as huge savings due to lockdowns and low interest rates drove up their inflows. The uncertainty had also boosted demand for financial advice.
The firm also announced longstanding executive Ian Gascoigne will retire from the company board and as director on 31 March 2022.
($1 = 0.7448 pounds)
(Reporting by Emma-Victoria Farr; Editing by Rachel Armstrong)