Wealth manager St James’s Place has reported record funds under management of £198.5 billion in its latest six month period (31 December 2024: £190.2 billion), in half year results out today.

The company recorded gross inflows in the half year to 30 June of £10.5 billion (2024: £8.5 billion) and net inflows of £3.8 billion (2024: £1.9 billion).

Thanks to the inflows, IFRS profit after tax rose strongly to £279.5 million (2024: £165.1 million). An interim dividend was declared at 6 pence per share (2024: 6 pence per share).

During the period there was an interim share buy-back of £32.1 million (2024: £32.9 million). There was also an additional share buy-back of £63.4 million following the 'Ongoing Service Evidence' programme provision release (2024: £nil).

The company said there had been continued growth in client numbers, now over 1m, and adviser headcount which is near 5,000 (4,952).

SJP CEO Mark FitzPatrick called the results were “strong.”

He said: "I am pleased to report strong operating and financial performance in the first half of 2025. During the period our highly qualified, professional advisers helped over one million clients to navigate a complex macroeconomic environment, ensuring clients' financial plans remain on track for the future.

“This resulted in gross inflows of £10.5 billion, up 23% on the first half of 2024. Retention of client funds under management (FUM) remained high, leading to net inflows of £3.8 billion - double the net inflows we saw in the first half of 2024. This, together with positive investment performance for clients, drove FUM to a record £198.5 billion, underpinning a strong underlying cash result of £240.4 million.”

The company is restructuring its charging structure and Mr FitzPatrick said the half year had seen a busy period of “heavy lifting” with the new “simple, comparable charging structure” to be in place from 26 August.

He said the programme to review historic client servicing records was “progressing.”

He added that following the FCA's new industry guidance on ongoing financial advice services, issued in February 2025, SJP has revised its redress methodology to better align it with the new industry guidance and SJP experience from the project to date.

He said because of this, the revised redress methodology has led to an £84.5 million release in the Ongoing Service Evidence provision. After tax this release equates to £63.4 million, which the company plans to return to shareholders through a share buy-back.

Meanwhile, the company is continuing to cut costs and plans to make £100 million of cost savings by 2027 as it drives to improve efficiency.

Elsewhere, the company plans to launch a new range of Polaris Multi-Index, multi-asset funds by late 2025 subject to regulatory approval.

Mr FitzPatrick added: “The strategic progress we are making will strengthen our business for the future, ensuring we are best placed to continue to capitalise on the compelling market opportunity in UK wealth management. The demand and need for financial advice are high and here to stay.

“We have more than one million clients already securing their long-term financial futures through the power of invaluable advice, and we are driven by our desire to help more people achieve this. I see an exciting future with SJP as the clear home of trusted financial advice in the UK, delivering great outcomes for clients and all our other stakeholders."