UK-based wealth manager St James’s Place (SJP) has reported group funds under management (FuM) of £112.82bn at the end of 30 September 2019.

This is a 12% increase from the 2018 Q3 level of £100.59bn.

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However, the wealth manager’s net inflows dropped 15% to £2.11bn on a year-on-year basis. Gross inflows slipped marginally to £3.74bn from £3.83bn.

SJP’s net investment return slipped 8% to £1.39bn from £1.51bn.

The firm’s client retention stood at 96%, dropping slightly from 96.2% at the end of 2018 Q3.

SJP CEO Andrew Croft said: “In the three months to the end of September, new and existing clients entrusted us with £3.74bn of new funds.

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“Through the excellent work of our partners and their staff in building and maintaining close relationships with clients, we are also able to report continued strong retention, resulting in net inflows for the quarter of £2.11bn, equivalent to 7.7% of opening funds under management on an annualised basis.”

Headquartered in Cirencester, St. James’s Place provides face-to-face financial, investment and tax planning services.

Croft added: “While political and macro-economic uncertainty may affect the pace of some discretionary investment flows from time to time, it has no bearing on the continuing need for holistic, long-term financial planning.

“Indeed, we see demand for sound, personal and trusted financial advice growing while at the same time the ‘advice gap’ remains.”