St. James's Place plc has reported record levels of funds under management this morning.

The financial adviser - which has multiple partner practises across Aberdeen - is now managing over £168billion of funds on behalf of its clients.

In a market update issued at 7am, the firm's new chief executive, Mark FitzPatrick, said he was reviewing all elements of the business as he looks to grow it even further beyond 2030.

The firm has 4,800 advisers across the UK and a strong annual retention rate of more than 95%.

Mr FitzPatrick said: "I am pleased to report that SJP's new business performance has remained robust during the final quarter, with our advisers attracting £3.7billion of new client investments to the business.

"This rounds out a solid year in which we achieved £15.4 billion of total gross inflows and £5.1 billion of net inflows despite a difficult industry backdrop.

"While the need for trusted face-to-face financial advice remains as strong as ever, client capacity and confidence to commit to long-term investment have been impacted by the economic environment and short-term alternatives in the form of cash deposit and savings rates.

"Outside of SJP funds under management, net flows into the SJP Cash Deposit Service managed by Flagstone increased significantly during 2023, with client deposit balances now totalling £3.9 billion (31 December 2022: £2.5 billion).

"Our IMA performed very well during 2023, delivering strong investment returns relative to peers for the benefit of our clients. This, combined with ongoing net inflows, has driven funds under management to a record £168.2 billion."

Looking forward, he added: "As we build on the strong foundations we have established over three decades, we continue to see a huge opportunity to support more clients who need help and advice.

"I want SJP to capture this long-term opportunity, so as we start planning our vision for 2030 I am reviewing all elements of our business to ensure we are fully fit for the future and best placed to keep delivering for all our stakeholders."

FTSE 100

The UK's flagship share index, the FTSE 100, was flat at 7,527 shortly after opening this morning.

Brent crude oil futures were up 0.64% today, trading at $80.55 a barrel.

Companies reporting today

BritvicQ1 Results
CVS GroupHalf Year Trading Statement
FevertreeFull Year Results
HalfordsQ3 Trading Statement
IG GroupHalf Year Results
Intermediate Capital GroupQ3 Trading Statement
LVMHFull Year Results
Mitie GroupQ3 Trading Statement
PPHE Hotel GroupFull Year Trading Statement
St James's PlaceFull Year New Business Announcement
VisaQ1 Results
Wizz AirQ3 Results

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