St James's Place (SJP) reported a decrease in net inflows for the first quarter of 2026, alongside a drop in funds under management (FUM) from the record high seen at the close of 2025. Net inflows for the three months ending March 31, 2026, stood at £1.5 billion, down from £1.6 billion during the same period in 2025. This occurred amid heightened geopolitical uncertainty and market volatility leading up to the tax year end. Despite this, SJP attracted gross inflows of £5.2 billion and achieved a strong FUM retention rate of 95.3 percent.
SJP concluded the first quarter with £216.9 billion in FUM, marking a decrease from the £220 billion recorded at the end of the previous year. Mark FitzPatrick, SJP's chief executive officer, attributed this decline mainly to a slump in global markets. He emphasized that challenging macroeconomic conditions underscore the importance of quality financial advice, with SJP advisors helping clients navigate market conditions and stay focused on long-term financial goals.
Looking back, SJP's annual results for 2025 showed FUM surged by 16 percent to a record £220 billion. This growth was partly driven by a new charging structure implemented in 2025, which included phasing out exit fees for most new investment bonds and pensions, a move announced in October 2023. While the specific impact of a looming UK pensions tax change on these Q1 2026 figures is not detailed, analysts like UBS anticipate UK asset gatherers, including SJP, will remain sensitive to macro headlines and potential tax changes in upcoming budgets, influencing investor behavior. UBS noted that the macro environment would matter more than specific business models. Additionally, SJP initiated a £122.6 million share buy-back program in March, set to run until August 31.
