Gross inflows fell from £4.05bn (Q3 2022) to £3.68bn in the same quarter this year.

Net inflows fell from £2.19bn to £0.91bn over the same period.

Despite the drop in inflows, Funds Under Management rose strongly from £143.14bn (Q3 2022) to £158.57bn in the same quarter this year.

The company called the figures were “robust” in the face of challenging markets.

Notes: 1. The retention rate is calculated as annualised surrenders and part-surrenders, divided by average funds under management. It excludes regular income withdrawals and maturities.

Source: St James's Place

SJP CEO Andrew Croft said: "I am pleased to announce another robust quarter for St James's Place, with our advisers attracting £3.7 billion of new client investments to the business, while annualised retention rates remain strong at 95.3% for the year-to-date.

“The demand for trusted, face-to-face financial advice remains as strong as ever, but client capacity and confidence to commit to long-term investment continues to be impacted by an environment characterised by higher interest rates, stubbornly high inflation and short-term alternatives in the form of cash.

"Despite the challenging operating environment, we continue to generate significant levels of net inflows, once again demonstrating the ongoing resilience of our business model. Looking forward, we are beginning to see signs that inflation is moderating and that the current cycle of interest rate increases may be reaching a peak, bringing some optimism that this will ease the pressure on clients and will, in due course, provide for a more favourable operating environment over time.”