St James’s Place (SJP) has registered profit before tax attributable to shareholders of £501.8m for the year 2022, a surge of 42% compared with £353.8m a year ago.

Majority of this growth was driven by the income that the firm garnered from annual product management charges on funds under management (FUM).

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Profit and total comprehensive income for the year also jumped 41% to £405.4m from £287.6m in 2021.

For the year ended 31 December 2022, tax attributable to shareholders’ returns was £96.4m versus £66.2m a year ago.

International Financial Reporting Standards (IFRS) profit after tax stood at £405.4m, up 41% from £287.6m in 2021.

IFRS profit before shareholder tax was £501.8m, with IFRS basic earnings per share of 74.6 pence.

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The year-on-year European Embedded Value (EEV) operating profit before tax rose to £1.6bn from £1.5bn.

The British asset manager’s FUM dropped 4% to £148.4bn from £154bn in 2021, due to turmoil in the market.

Gross inflows fell slightly to £17bn from £18.2bn, while net inflows dropped to £9.8bn from £11bn.

In addition, SJP has proposed a full year dividend of 52.78 pence per share with an aim to fulfil the firm’s 70% target pay-out ratio.

St James’s Place CEO Andrew Croft said: “After a year when the external environment proved favourable to many businesses in our industry, 2022 presented a more challenging backdrop as UK consumers faced the reality of sharply rising inflation, macroeconomic and geopolitical uncertainty, and investment market volatility.

“Despite this, we achieved the second-best year for new business flows in our history as our advisers performed admirably in helping clients feel confident in their finances and remain on track for the future.

“While investment markets recorded negative returns over the year, the strength of our net inflows means that funds under management closed the period at £148.4bn.”