Net inflows have dropped 31% year-on year to £2bn (Q1 2022: £2.91bn) for wealth manager St James’s Place in the first quarter of 2023, according to a trading update issued this morning.

Fife-based RS Robertson Financial Planning has been acquired by Gilson Gray Financial Management, the financial services arm of law firm Gilson Gray.

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 launched a training initiative to help its nearly 5,000 advisers and partners provide best practice advice on responsible investing to clients.