LONDON (dpa-AFX) - Wealth management group St. James's Place plc (STJ.L) reported Wednesday that its gross inflows for the month of April declined 13 percent to 1.17 billion pounds from last year's 1.35 billion pounds.
Net inflows for April, however, edged up 1 percent to 0.81 billion pounds from prior year's 0.80 billion pounds as retention of client investments was particularly strong.
In its update on new business inflows and funds under management, the company noted that gross inflows for the four months to April 30 increased to 5.21 billion pounds from 4.96 billion pounds a year ago. Four-month net inflows went up to 3.18 billion pounds from 2.98 billion pounds last year.
Closing funds under management as of April 30 was 108.83 billion pounds, up from 107.19 billion pounds last year. Funds under management benefited from both positive net inflows and a positive investment return.
Andrew Croft, Chief Executive, said, 'Following record first quarter new business, we have naturally seen a reduction in new investments as the COVID-19 crisis developed.... We are encouraged by the robust gross and net inflows we have continued to experience during May, though the short to medium-term impact of government measures and economic volatility on our flows remains uncertain.'
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