In a trading statement, the Bristol-based firm it had seen robust growth during the quarter although revenue was down slightly by 1% to £142.2m.
Net new business during the quarter was £1.3 billion and Assets under Administration (AUA) reached £138bn as at 30 September, up 2% since 30 June 2021
Chris Hill, chief executive, said: "Today we report a good start to our financial year, with continued growth in clients and assets in what is typically our quietest quarter.
“The client retention rate remains solid at 92.6% and we continue to see new clients build wealth, diversify holdings and engage with the proposition. These results are against the backdrop of an easing out of lockdown and ongoing market uncertainty and highlight the importance of a resilient business and the strength of our proposition.
“The normalisation of revenues post pandemic is in line with our expectations and our focus, as always, remains on our clients, and their lifelong needs. We are confident that our client focused strategy, delivering the highest level of service and continuing to invest in our market leading proposition, means that we continue to be well positioned to execute against the growth opportunity ahead of us."
The firm said asset-based revenues were higher driven by net inflows and positive market movements however share dealing volumes have declined post-Covid lockdowns and averaged 861,000 deals per month during the quarter versus 980,000 in the same quarter last year.
• Also in a quarterly trading statement today, Jupiter Fund Management reported Assets under management (AUM) of £60.7bn, up £0.4bn from 30 June 2021 and £2bn from 31 December 2020. Positive market movements of £1bn were partially offset by £0.6bn of net outflows, primarily in the first month of the quarter. There were positive net inflows across Fixed Income and in a number of growth funds, including Global Sustainable Equities. There was weaker demand for UK and European equity products as well as outflows from Systematic strategies.
From Financial Planning Jobs. For more click on any job. This is a selection of jobs from our new Financial Planning Jobs site - for more job vacancies click on any job or the link below.
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This is a selection of jobs from our new Financial Planning Jobs site - for more job vacancies click on any job or the link below.