St James’s Place, the UK’s largest wealth manager, has reported a surge in new business and net inflows last year as retail investors sought financial advice ahead of the Budget.
The Gloucestershire-based group said the firm’s financial advisers attracted £21.9bn of new business, up a fifth on the previous year, while net inflows rose by 42 per cent to £6.2bn.
Mark FitzPatrick, chief executive of SJP, said the last few months of the year were “marked by protracted speculation” in the run-up to the Budget at the end of November, as uncertainty increased over potential changes to pension taxes and individual savings accounts.
However, SJP also reported “elevated short-term outflows” in the final quarter as many customers accelerated drawing their tax-free lump sum from their pension as a result.
SJP said these outflows and the level of engagement with customers returned to normal at the end of the year, in a trend that has continued in 2026.
SJP said its total funds under management last year increased to a record £220bn, up 16 per cent on the previous year.
The wealth manager overhauled its fee structure last summer following scrutiny from the financial regulator, separating its advice fees, product costs and other items.
The overhaul followed the introduction of the UK’s Consumer Duty in 2023 — new rules brought in by the Financial Conduct Authority aimed at ensuring customers receive a fair deal from financial services firms.
