St James’s Place CEO Andrew Croft is to receive a basic pay rise increase of nearly £30,000 per annum after his pay package fell last year when the firm suffered a drop in Funds Under Management.

Wealth manager St James’s Place has posted a record pre-tax profit for 2022 of £405.4m, up 41% from £287.6m in 2021.

Wealth manager St James's Place said 2022 was its second-best year for new business, despite the tough economic backdrop and a drop in inflows.

Wealth manager and Financial Planner St James's Place has reported a near £5bn drop in Funds Under Management and a sharp dip in inflows in its latest quarterly trading figures.