(Reuters) - British wealth manager St James's Place on Thursday reported better-than-expected managed funds for 2024, driven by 4.33 billion pounds ($5.38 billion) of yearly net inflows and high
St James's Place Surpasses 2024 Fund Projections with £4.33 Billion Inflows
(Reuters) - British wealth manager St James's Place on Thursday reported better-than-expected managed funds for 2024, driven by 4.33 billion pounds ($5.38 billion) of yearly net inflows and high client engagement.
Money managers in the UK were hit with a mixed bag of investor sentiments last year but customers were quick to return to investment firms once the uncertainties around tax changes were cleared up after the October budget.
"Client engagement levels were high throughout the quarter as our advisers provided support, reassurance and invaluable advice that helped clients navigate the uncertainty," CEO Mark FitzPatrick said in a statement.
The Cirencester-based company logged record funds under management of 190.21 billion pounds at the end of December 2024, against analysts' expectations of 187.4 billion pounds, according to a company-compiled consensus.
Its net inflows improved to 1.5 billion pounds in the final quarter from the third quarter's 890 million pounds.
($1 = 0.8044 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Mrigank Dhaniwala)
