Net inflows for St James’s Place rose 42% year-on-year to 6.16bn in 2025 (2024: £4.33bn).
The fourth quarter saw net inflows drop 63% year-on-year to £0.57bn (Q4 2024: £1.53bn), which SJP attributed to elevated short-term outflows as clients accelerated tax-free cash withdrawals from their pensions ahead of the Autumn Budget in November.
Gross inflows for 2025 rose 19% year-on-year to £21.88bn (2024: £18.41bn). For the fourth quarter, gross inflows rose a more modest 4% year-on-year to £5.69bn (Q4 2024: £5.48bn).
Funds under management closed the year at £220.01bn, a rise of 16% year-on-year (31 December 2024: £190.21bn). Of this, £23.64bn was generated by net investment returns.
The wealth manager reported a funds under management retention rate of 94.9%, broadly stable with the previous year (94.5%).
Mark FitzPatrick, CEO of St James’s Place, said the firm saw continued high levels demand for advice in the third and fourth quarter with ‘unseasonably high’ client-adviser engagement which he said was linked to the implementation of SJPs new charging structure during the summer months.
He said: “2025 was a year of progress for SJP, where we strengthened our business for the future whilst growing our client numbers, increasing our inflows, delivering good investment returns and achieving record FUM. As anticipated, clients and advisers successfully adapted to the implementation of our simple, comparable charging structure. We also made good progress with our review of historic ongoing service evidence and our cost and efficiency programme.
“We enter 2026 with confidence and the changes we have made, combined with our broader strategy to strengthen and grow SJP, leave us well placed to extend our long-term leadership in a highly attractive marketplace.”
He added that he expects to see outflows and client engagement rates normalise through the first half of this year.
The wealth manager scrapped most exit charges in a major pricing overhaul in the second half of 2025, having come under intense pressure from several quarters in 2023.
Former Prudential group CEO Mark FitzPatrick joined the firm in December 2023 and has spent his time since then trying to turn the company around through a £500m cost-cutting programme and an overhaul of its fund range and charges.