St Jamess Place sees strong inflows, weaker market in first quarter

div classBodysc17zpet90 cdBBJodivpLONDON Reuters – British wealth manager St Jamess Place posted net inflows of 2.91 billion pounds 3.65 billion in the first quarter as clients looked to protect themselves against inflation and geopolitical risks, it said on Thursday.p

pNegative market returns took some shine off the strong inflows, however, it added.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pFunds under management ended the quarter at 151.25 billion pounds, 12 higher than a year earlier but down from the 154 billion the firm reported at yearend 2021. p

pJPMorgan analysts said the inflows were stronger than expected, describing the trading update as “solid” and reiterating their neutral rating on the stock. p

pThe companys shares fell 0.9, however, making it one of the weakest performers in the FTSE 100, p

pSome global fund managers are facing outflows on concerns over growth due to the conflict between Russia and Ukraine.p

pAsset manager Jupiter this week reported net outflows of 1.6 billion pounds for the quarter. p

pSchroders said on Thursday that its AUM rose 3 to 752.7 billion pounds at endMarch, with a rise in its multiasset category Solutions compensating for a fall in its mutual funds. It did not provide flows data.p

pIts shares rose 1.p

p1 0.7990 poundsp

p1 0.7978 poundsp

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pp Reporting by Sinchita Mitra in Bengaluru and Andres Gonzalez and Carolyn Cohn in London, editing by Sinead Cruisep

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