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Profits fell 29% for wealth manager St James's Place, with IFRS profit after tax for the half of £161.7m (H1 2022: £208.2m), according to interim figures released this morning.

Net inflows dropped 38% to £3.4bn at St James’s Place for the first half of 2023 (H1 2022: £5.5bn).

Gross inflows for the wealth manager fell 12% to £8bn (H1 2022: £9.1bn) as new business slowed.

However, group funds under management still rose during the half to £157.5bn (31 December 2022: £148.4bn).

During the half the wealth manager saw an increase in advisers, with 73 new advisers taking the total to 4,766.

In the interim results SJP also revealed that it is to cap its annual management charges on bond and pension investments for clients who have been invested with them for over 10 years as part of their preparations for Consumer Duty.

The wealth manager added that it has also made changes to key literature and making changes to help it monitor and assess the value the firm delivers to clients.

Andrew Croft, CEO at St James’s Place, said: “Beyond our operating and financial performance, it has been a period of intense activity regarding progress against our six business priorities, as well as in our preparation for the FCA’s new Consumer Duty regime.

"As a business focused on driving good client outcomes, we have welcomed the opportunity to further strengthen our commitment to clients and enhance the value we deliver to them.

“As we look ahead, there continue to be challenges for UK consumers, but as a long-term business our focus remains on ensuring we are well positioned to support our advisers build great relationships and deliver trusted and valued face-to-face advice over time.

"This commitment underpins our 2025 plan and will enable SJP to capitalise on the scale of long-term market opportunity ahead.”

The wealth manager also announce a interim dividend of 15.83 pence per share (H1 2022; 15.59 pence), equivalent to 30% of the prior full year dividend.

The half saw retention of client funds of 95.6%.