St James’s Place Eases Budget Fears While Reaching Record Funds Under Management

October 17, 2024 04:26 AM PDT | By Team Kalkine Media

Google News:

St James’s Place Eases Budget Fears While Reaching Record Funds Under Management — Image source: Shutterstock

Recent News

Is Entergy Corporation (NYSE:ETR) ROE Strong for Utility Sector NYSE C...

DXC Technology (NYSE:DXC) Valuation May Lag Behind Russell 1000

MetLife (NYSE:MET) Stock Outperforms Despite Flat Revenue Growth S&P 5...

USANA Health Sciences (NYSE:USNA) Growth Mixed Despite Sector Momentum...

Highlights:

Record Funds Under Management: St James’s Place reported FUM of £184.4 million, surpassing analyst expectations.

Reassurance on Budget Risks: The company addressed concerns over potential pension-related tax changes in the upcoming Budget.

Strong Investment Returns: Net investment returns reached £1.65 billion, well above last year’s third-quarter figures.

St James’s Place PLC (LSE:STJ), the FTSE 100-listed wealth manager, has reassured markets regarding potential tax changes in the upcoming Budget, while reporting a record level of funds under management (FUM) for the third quarter.

The company had been facing concerns about potential impacts from Labour chancellor Rachel Reeves’ first Budget on 30 October, particularly regarding its pensions segment, which accounts for more than half of its total FUM. Speculated changes include the possible removal of inheritance tax exemptions on pensions and an increase in national insurance contributions for pension holders.

However, St James’s Place chief executive Mark Fitzpatrick sought to downplay these concerns. Fitzpatrick acknowledged the uncertainty but pointed to the strength of the firm’s advisory network, stating: “Our advisers are providing invaluable advice to our clients, helping them navigate uncertainty and safeguard their financial futures.”

In terms of performance, St James’s Place posted FUM of £184.4 million for the third quarter, in line with City expectations and slightly above some predictions, such as those from Jefferies. The firm saw net investment returns of £1.65 billion, significantly higher than last year’s returns of £140 million during the same period. The announcement saw the company’s shares rise 0.8% on Thursday morning.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.