Financial adviser network and wealth manager Tavistock Investments is closing a number of offices and axing staff in a £750,000 cost-cutting drive as it prepares to launch its own platform.

Wealth management giant St James’s Place (SJP) has reported gross inflows of £3.05bn for Q3 2020, a drop of 18% from Q3 2019, with funds under management up 1.5% to a record high of £118.7bn.

Investment platform AJ Bell has reported an 11% rise in advised customers during its financial year ended 30 September 2020.

Assets under management rose 17.4% at Tatton Asset Management for the first half of its financial year which the discretionary fund manager attributes to “adapting seamlessly to the new trading environment”, including maintaining face-to-face engagement with advisers.