St. James's Place (STJ) Q3 2025 TU earnings summary

Executive summary

• Gross inflows for Q3 2025 reached £5.7 billion, a 30% increase year-over-year, driven by strong demand for financial advice and high client engagement ahead of a new charging structure.

• Net inflows for the quarter were £1.8 billion, up 98% compared to Q3 2024.

• Funds under management (FUM) hit a record £212.4 billion at 30 September 2025, up 12% year-to-date and surpassing the £200 billion milestone.

• Year-to-date investment returns represented 12% of opening FUM on an annualised basis.

Financial highlights

• Year-to-date FUM retention rate (annualised) was 95.2%, up from 94.6% in the prior year.

• Year-to-date net inflows as a percentage of opening FUM (annualised) were 3.9%, compared to 2.2% in 2024.

• Implied surrender rate for Q3 2025 was 5.2%, slightly down from 5.3% in Q3 2024.

• EEV net asset value per share at 30 September 2025 was approximately £18.72.

Outlook and guidance

• Management expects Q4 flows may be less strong due to unseasonally high Q3 engagement and ongoing consumer uncertainty.

• Advisers remain focused on supporting clients amid a challenging macroeconomic environment with soft growth and persistent inflation.