Net inflows at wealth manager St James’s Place fell by £1.1bn in the first half to 30 June from £3.8bn to £2.7bn, the company reported today.
Adjusted IFRS profit before tax also fell to £278.4m (2025: £307m).
The cost of a reform programme to deal with long-standing criticism of opaque and high charges - the Further Ongoing Service Evidence (OSE) provision - was increased to £110.4 million before tax (2025: £84.5 million).
The company blamed economic uncertainty among clients for the falls in net inflows, including impending changes to the “retirement savings landscape.”
The company said on the positive side FUM rose to a record £240.8bn (31 December 2025: £220bn) and gross inflows remained steady at £10.5bn.
There was continued growth in SJP adviser numbers to 4,961 (31 December 2025: 4,934 advisers) and client numbers were over 1m at 1,064,000 (1,037,000 clients at 31 Dec 2025.)
Investment returns, net of all charges, represented 16.4% of opening funds under management on an annualised basis (2025: 4.7%)
SJP CEO Mark FitzPatrick called the figures a “strong set of results.”
He said: “We have delivered good operating and financial performance, continued to grow our client and adviser base, and made further progress against our strategic priorities.
“During the period, our advisers supported clients through a complex and evolving environment. While markets have been supportive, consumers continued to navigate economic uncertainty, impending changes to the retirement savings landscape and evolving Financial Planning needs.
“Against this backdrop, we have seen continued demand for trusted financial advice, reflected in positive net inflows, improving funds under management (FUM) retention, and growth in our client base. We also delivered another strong period of investment performance for clients, with investment returns representing 16.4% of opening FUM on an annualised basis. Together, these factors contributed to FUM closing at £240.8 billion.”
The company has been undergoing significant internal change as it aims to simplify its criticised charging structure.
Mr FitzPatrick said: “We have strengthened our client and adviser propositions, advanced our technology capabilities and continued to improve how the business operates. Together, these changes have created a fundamentally simpler, more efficient, and more effective business with greater capacity to invest in future growth. They also reinforce St. James’s Place’s position as the best place to build, grow and realise value from a successful financial advice business. “
He said he remained confident in the future and the long-term outlook for financial advice, which is “under-penetrated in the UK”.
Among the key financial highlights:
- Improvement in FUM retention to 95.4%1 (2025: 95.3%1)
- Adjusted IFRS profit before tax of £278.4 million (2025: £307.0 million)
- Adjusted IFRS profit after tax of £224.4 million (2025: £235.8 million)
- Further Ongoing Service Evidence (OSE) provision release of £110.4 million before tax (2025: £84.5 million)
- IFRS profit after tax of £310.8 million (2025: £279.5 million)
- Interim ordinary dividend of 6 pence per share (2025: 6 pence per share)
- Interim ordinary share buy-back of £45.3 million (2025: £32.1 million)
- Additional share buy-back of £82.8 million for the post-tax amount released from the OSE provision (2025:£63.4 million)