Inflows help push St James's Place funds to record £103.5bn

St James's Place's funds under management reached a record £103.5bn in the first quarter as the wealth management company attracted more investments.

Gross fund inflows for the three months to the end of March were £3.61bn compared with £3.91bn a year earlier. Net inflows were £2.18bn compared with £2.60bn a year earlier.

Closing funds under management rose 8.3% to £103.5bn, a result also helped by positive investment returns, the company said in a trading update.

Andrew Croft, St James's Place's chief executive, said: "This performance demonstrates the resilience of our business through the current political and macroeconomic uncertainty.

"Given the scale and quality of the St. James's Place Partnership we are confident of both the resilience of the business in more difficult times and our ability to continue to grow the business over the medium to long term."