Delay: St James’s Place shares fell 4.4%, or 29.6p, to 646.4p after it said inflows in 2023 were £5.1bn, down from £9.8bn in 2022
St James’s Place reported a sharp slowdown in investor inflows as it became the latest fund manager to be hit by economic uncertainty and rising interest rates.
Shares fell 4.4 per cent, or 29.6 per cent, to 646.4p after it said inflows totaled £5.1bn in 2023, down from £9.8bn in 2022.
Mark FitzPatrick, the group’s new chief executive, said he was ‘assessing all elements of our business to ensure we are fully fit for the future’.
St James’s Place announced a revamp last October, removing exit charges for new bonds and pension investments.
FitzPatrick said his performance last year was “solid… despite a difficult industry backdrop.”
Fund managers are struggling at a time when clients can earn decent returns by simply parking their money rather than putting it into potentially risky investments.