Net inflow of funds dropped slightly and funds under management fell by £1.3bn at wealth management giant St James’s Place in the first half of 2020.

Investment platform Transact saw FUD for the quarter ending 30 June of over £37.71bn, an increase of 13.5% over the quarter and an increase of 5.1% over the financial year to date.

Income for the wealth manager and Financial Planner increased for both the quarter and year on year, driven by higher commissions due to increased trading activity and income from recent acquisitions of £5.2m.

Fast-growing Financial Planning firm AFH says it is confident demand for Financial Planning advice will increase later this year despite seeing a £400,000 drop in Financial Planning fees due to the impact of the Coronavirus, the company reported today.