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Investing.com -- Shares of St James (LON:SJP) Place (LSE:STJ) fell 1% today, despite the company reporting a significant increase in net flows for the first quarter.
The financial services firm announced group net flows of £1.7 billion, more than double the result from the same period last year and 23% ahead of consensus expectations, largely driven by pensions and Individual Savings Accounts (ISAs).
The company’s gross inflows for the quarter stood at £5.1 billion, marking a 29% rise year-over-year (YoY) and coming in 6% ahead of consensus. Despite this, gross outflows also increased to £3.5 billion, up 6% YoY, but aligned with consensus predictions and lower than RBC’s estimates.
St James Place’s performance in terms of net flows was broadly in line with its peers, with the increase attributed to a reduction in gross outflows rather than the higher gross inflows seen by competitors like Quilter (LSE:QLT), AJ Bell (LSE:AJB), and IntegraFin Holdings (LSE:IHP).
The firm’s closing funds under management (FUM) reached £188.6 billion, a 5% increase YoY, aligning with consensus figures. However, FUM growth was impacted by an in-quarter market move of -1.7%. The company’s outlook remains positive, with the CEO’s statement highlighting "good levels of client engagement and activity" in the second quarter to date.
Analysts at RBC commented positively on the company’s performance, stating, "The better than expected flow out-turn is consistent with trends seen at peers over the last 10 days, but is arguably more significant for STJ as it acts as a further incremental data point reassuring on the sustainability of the business model, in the aftermath of a turbulent period between mid-2023 to mid-2024. We see the reduction in outflow rate in Q1 sequentially (as guided) and YoY as particularly encouraging in this respect."
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