The strongest net inflows were seen by SJPs pension business which accounted for £1.92bn of the net inflows.

Gross inflows were £4.79bn, a 19% rise year on year (2019: £4.04bn).

Closing funds under management were £135.46bn, a 5% increase from the start of 2021 (2021 opening funds under management: £129.34bn).

The wealth managers funds under management retention rate increased slightly to 95.8%.

Andrew Croft, chief executive at SJP, hailed the “record quarter” and said the growth in new business gathered pace over the quarter as confidence improved and clients sought to commit accumulated savings to longer-term investments.

He said that although the Coronavirus pandemic and economic uncertainty continue, “the demand for trusted advice is stronger than ever and I am confident we are well placed to deliver another good year for St James’s Place.”

Operating profit and fund inflows fell at wealth manager St James’s Place during 2020 as the pandemic “inevitably disrupted” operations and performance.

Gross inflows fell over 5% to £14.3bn (2019: £15.1bn), with net inflow of funds under management of £8.2bn (2019: £9bn), according to the firm’s annual results.

The wealth management giant also confirmed widely expected job losses in its 2020 results. According to the financial results, a streamlining of the business meant a loss of around 200 roles.