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St. James's Place third-quarter funds pass 100 billion pounds on inflows, market gains

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St. James's Place third-quarter funds pass 100 billion pounds on inflows, market gains

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By Simon Jessop

LONDON (Reuters) - British wealth manager St. James's Place <SJP.L> on Tuesday posted a 4.1 percent rise in quarterly funds under management, shrugging off market jitters to take in fresh client money and post market gains.

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St James's Place, which provides face-to-face advice on investments, pensions and tax, said it had continued to see strong demand for its services despite a tough market backdrop that saw investors pull money from a number of money managers.

Total funds under management at the end of September were 101 billion pounds from the prior quarter's 96.6 billion pounds, buoyed by net inflows of 2.5 billion pounds and investment gains of 1.5 billion pounds.

Over the third quarter, the FTSE 100 <.FTSE> index of leading British shares fell 1.7 percent.

"There remains growing demand for high-quality financial advice, notwithstanding the current macro and geo-political uncertainty," Chief Executive Andrew Croft said, adding the company was on course to meet its medium-term objectives.

At the end of September, the bulk of SJP's funds under management - 22 percent - were invested in U.S. equities, with 19.5 percent in fixed income and 18.7 percent in UK equities, it said.

(Reporting by Simon Jessop, ediitng by Sinead Cruise)

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