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Wealth management group St. James's Place upgraded its outlook on gross inflows after reporting 'strong' third-quarter performance as funds under management improved.
For the three months ended 30 September 2021, funds under management rose to £148.06 billion from £118.70 billion year-on-year as net inflows nearly doubled to £2.59 billion from £1.44 billion.
It was 'another strong quarter for St. James's Place [...] as increased personal savings and improving consumer confidence have provided a favorable market backdrop and this [...] has driven gross inflows,' the company said.
Looking ahead, the company said it now anticipated the rate of gross inflow growth for the second half to be 'modestly' ahead of its previous guidance issued in late July.