StockMarketWire.com - Wealth manager St. James's Place said it had boosted its funds under management during the month of April, assisted by positive net inflows.

Funds under management at the end of April amounted to £108.83bn, up from £107.19bn in April 2019.

Net inflows for April rose 1% on-year to £0.81bn, though they fell 13% on a gross basis. For the four months through April, net inflows rose 6.7% to £3.18bn.

'Following record first quarter new business, we have naturally seen a reduction in new investments as the Covid-19 crisis developed,' chief executive Andrew Croft said.

'In light of the need to observe social distancing, the Partnership has quickly adapted to managing client relationships 'virtually' and April gross inflows were robust, albeit 13% lower than the same month last year.'

'Retention of client investments was particularly strong during the month and as a result, April net inflows were 1% higher than a year ago.'

'Funds under management benefitted from both positive net inflows and a positive investment return, to end the month at £108.8bn.'

'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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