Slowdown: St James’s Place shares fell 4.4%, or 29.6p, to 646.4p after it said 2023 inflows totalled £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.
Its shares fell 4.4 per cent, or 29.6 per cent, to 646.4p after it said 2023 inflows totalled £5.1billion, down from £9.8billion in 2022.
Mark FitzPatrick, the group’s new chief executive, said he was ‘reviewing all elements of our business to ensure we are fully fit for the future’.
St James’s Place announced a revamp last October, scrapping exit fees for new bond and pension investments.
FitzPatrick said its performance overall last year had been ‘solid… despite a difficult industry backdrop’.
Fund managers have been struggling at a time when clients can earn decent returns by simply parking their cash rather than ploughing it into potentially risky investments.