Wealth manager St James’s Place saw assets under management rise to a record £184.4bn at 30 September (Q3 2023: £158.6bn), despite a drop in net inflows for the quarter.

Net inflows for the quarter fell to £0.89bn from £1.2bn in the previous quarter, a drop of 35% quarter-on-quarter and 2% year-on-year.

Gross inflows rose 20% year-on-year to £4.4bn (Q3 2023: £3.68bn). SJP attributed this to clients engaging with their advisers to help them navigate the uncertainty ahead of the Autumn Budget.

However, these gross inflows were slightly lower than the £4.56bn reported by the wealth manager in the previous quarter.

Year-to-date client retention remained stable at 94.6%.

The wealth manager said it continues to make progress on its cost and efficiency programme, its review of historic client servicing records and the implementation of its new simpler charging structure.

In July SJP said it would cut costs by £80m by 2026 and reduce its overall costs by £100m a year by 2027 with the aim of cutting £500m in total from its costs.

Mark FitzPatrick, CEO of SJP, said the firm was on track to implement its new charging structure by the second half of 2025. He said the changes SJP is currently undergoing should help position the firm for long-term success.

He said: “The macroeconomic environment has improved since the beginning of the year, but there continues to be uncertainty in the outlook for consumers, savers and investors. While speculation around the forthcoming Autumn Budget compounds this, we know that our advisers are providing invaluable advice to our clients, helping them to navigate the uncertainty and safeguard their financial futures.

“With increasing client numbers, sustained net inflows and growing funds under management, our business is performing well and we are positioning for further long-term success.”

SJP began its “comprehensive review” of its client charging model and announced plans for a simpler and more comparable charging structure in October 2023 following widespread criticism of its charges.