St. James’s Place net inflows fall to £570 million in third quarter
Key Facts
St. James’s Place on October 29 reported new business inflows and funds under management for the three months ended September 30, 2026, revealing a fall in net inflows to £570 million from £1.76 billion in the same period last year. In contrast, funds under management rose to a record £242.44 billion, compared with £212.36 billion a year earlier. The company said net inflows and positive investment returns lifted assets to that record level. The figures showed a contrast between the strength of the asset base and lower new inflows compared with a busier quarter in 2025. The company attributed last year’s strong annual comparison to the implementation of its new charging structure, which affected how the current decline should be viewed.
Gross inflows reached £5.15 billion in the third quarter, compared with £5.70 billion in the same period of 2025. The chief executive presented the figure in rounded terms, saying the company had attracted "£5.2 billion of gross inflows during the quarter" and that total inflows since the start of the year had reached £15.6 billion. The gap between gross and net inflows reflects money leaving the company during the period, while net inflows stood at £570 million, against £1.76 billion a year earlier. The company said net inflows were lower than the previous year because of the strength of the comparable period. It also said outflows remained broadly stable relative to funds under management, placing the decline in net inflows in the context of the annual comparison and withdrawals as a proportion of the asset base.
The company attributed the exceptional activity in the comparable period to elevated levels of transactions linked to the implementation of the new charging structure. This means the comparison with the third quarter of 2025 includes a specific factor cited by the company, alongside the underlying inflow figures. The company did not attribute the decline in net inflows to slower new-client acquisition; it said the decrease reflected the strength of the annual comparison. At the same time, it said outflows remained broadly stable relative to funds under management. These indicators offer a two-sided view of the quarter: net inflows were lower than last year, while money continued to flow into the company and the value of assets under management rose to a record.
The annualised funds under management retention rate since the start of the year was 95.1% in 2026, compared with 95.2% in the corresponding period last year. The rate remained close to its previous level, while annualised year-to-date net inflows as a percentage of funds under management at the start of the period fell to 2.0% from 3.9%. The two measures capture different aspects of money flows: retention of existing assets and net inflows relative to the opening asset base. The company linked lower net inflows to the strong comparison base, while its data showed a retention rate of 95.1%. The stable retention rate does not erase the decline in net inflows, but places the two figures side by side in assessing funds’ performance through the end of the third quarter.
The company said its advisers had been active in supporting clients through market volatility and providing guidance ahead of the UK autumn budget. It said this support took place during a period marked by market volatility, with the upcoming budget forming part of advisers’ conversations with clients. The company did not provide a separate figure in its update for the effect of these consultations on inflows, so its disclosure concerned advisers’ activity and their role in supporting clients. This reference came alongside the company’s confirmation that continued net inflows and positive investment returns had driven funds under management to a record. Available share data showed STJ.L closing at 1062 pence on October 29, after closing at 1113.5 pence on October 28.
St. James’s Place said it would provide more detail on the next phase of its Amplify strategy in its full-year results, scheduled for February 2027. The company described the phase as part of its strategy to deliver sustainable long-term growth, without including further details in its third-quarter update. Investors will therefore await the company’s annual presentation to learn what the next phase entails, after the quarter’s figures showed an annual decline in net inflows alongside record assets under management. The company has set its February results as the occasion to explain Amplify.