St James’s Place funds hit record high on market boost

St James’s Place said its funds under management hit a new record high in the third quarter as market performance offset a rise in the number of customers pulling their cash from of its funds. Funds under management (FUM) increased 14.2 per cent to £242.4bn, which the firm credited to an improvement in its margket performance. It attracted £1bn of investment returns during the period, bringing returns for the year to date to £19.1bn. Inflow drop But the FTSE 100 group reported a slowdown in inflows. Gross inflows reached £5.1bn in the quarter, down from £5.7bn the previous year. Net inflows also tumbled to £0.5bn from £1.7bn. Chief executive, Mark FitzPatrick, said the fall was in response to heightened customer caution caused by “market volatility” and uncertainty in the lead up to the Autumn Budget. FitzPatrick added that momentum from the implementation of its new charging structure last year, which caused a surge in activity, had slowed. The group also hiked it