St. James's Place (STJ) Trading update summary

New business and investment performance

• New business inflows reached £21.9 billion in 2025, a 19% increase year-on-year.

• Net inflows rose 42% to £6.2 billion, supported by a high retention rate of 94.9%.

• Net investment returns were strong at 12.4% of opening funds under management.

• Closing funds under management hit a record £220.0 billion, up 16% from the previous year.

• Net inflows as a percentage of opening funds under management improved to 3.2%.

Quarterly and annual fund flows

• In Q4 2025, gross inflows totaled £5.69 billion, with net inflows of £0.57 billion.

• Surrenders and part-surrenders for the year were £10.51 billion, with an implied surrender rate of 5.1%.

• Regular income withdrawals and maturities for the year amounted to £5.21 billion.

• Pension products saw the largest net inflows at £4.49 billion for the year.

• All product categories contributed to the growth in closing funds under management.

Investment allocation and geographic exposure

• North American equities comprised 38% of total funds under management at year-end.

• Fixed income securities and European equities represented 17% and 14% respectively.

• UK and Asia-Pacific equities each accounted for 14% of the portfolio.

• Cash, alternatives, and property made up the remaining allocation.