April 30, 2019 / 6:57 AM / 3 months ago

UPDATE 1-St. James's Place posts record assets after Q1 inflows, market gains

* Funds under management up 8.3 pct since end-2018

* Market gains of 5.8 bln stg in quarter

* Net inflows of 2.2 bln stg driven by pensions (Adds detail from statement, share reaction, bullet points)

By Simon Jessop

LONDON, April 30 (Reuters) - British wealth manager St. James’s Place on Tuesday posted a 8.3 percent increase in funds under management to a record high, boosted by net inflows of client cash and market gains.

SJP, which provides a range of financial services to wealthy individuals, said it continued to see strong demand for its face-to-face advice and was confident of its growth outlook.

Total funds at the end of March were 103.5 billion pounds ($133.85 billion), up from 95.6 billion pounds at the end of 2018, it said in a statement, helped by net inflows of 2.2 billion pounds and net investment gains of 5.8 billion.

“This performance demonstrates the resilience of our business through the current political and macro-economic uncertainty,” Chief Executive Andrew Croft said in a statement.

“There remains both a growing market for trusted face-to-face advice in the UK and an advice gap that represents a major opportunity for us,” he added.

The net inflows represented 9.1 percent of the company’s assets at the start of the quarter, while the net asset value per share on a European Embedded Value basis, a key measure of performance, was 1,190 pence per share, it added.

$1 = 0.7733 pounds Reporting by Simon Jessop, editing by Sinead Cruise

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