Slowdown: St James’s Place shares fell 4.4%, or 29.6p, to 646.4p after it stated 2023 inflows totalled £5.1bn, down from £9.8bn in 2022
St James’s Place reported a pointy slowdown in investor inflows because it turned the most recent fund supervisor to be hit by financial uncertainty and rising rates of interest.
Its shares fell 4.4 per cent, or 29.6 per cent, to 646.4p after it stated 2023 inflows totalled £5.1billion, down from £9.8billion in 2022.
Mark FitzPatrick, the group’s new chief govt, stated he was ‘reviewing all elements of our business to ensure we are fully fit for the future’.
St James’s Place introduced a revamp final October, scrapping exit charges for brand spanking new bond and pension investments.
FitzPatrick stated its efficiency total final yr had been ‘solid… despite a difficult industry backdrop’.
Fund managers have been struggling at a time when shoppers can earn first rate returns by merely parking their money slightly than ploughing it into probably dangerous investments.