St James’s Place and Rathbone get bottom line boosts

St James’s Place drew in record levels of funds from investors last year, with the group’s assets under management swelled to a record high.

The wealth manager’s net inflows rose from £8.2billion to £11billion in 2021, while funds under management swelled from £129.3billion to £154bilion.

Bumper inflows have helped SJP declare a final dividend of 40.41p a share, up from 38.49p a year ago, taking the annual payout to 51.96p a share compared with 38.49p in 2020.

It comes as many consumers have turned to investing over the past few years, amid dismal returns on cash savings. 

But, shares in St James’s Place have fallen sharply today and were down 6.36 per cent or 94.00p to 1,384.50p.  

Andrew Croft, St James’s chief executive, said: ‘Whilst 2021 was another extraordinary year, with society continuing to navigate lockdowns and disruptions caused by Covid-19, the roll-out of vaccination programmes saw many economies rebound strongly with investment markets recording positive returns.

‘Supported by this more favourable external environment and the desire by individuals to save and invest for the future, I am very pleased to report that St. James’s Place had an excellent year. 

‘During 2021 we achieved record gross and net flows and these, together with positive investments markets, drove funds under management to an all-time high.’      

SJP’s underlying cash stash rose to £401.2million, up from £264.7million, and profit before shareholder tax rose from £327.6million to £352.8million.