Home / News / SJP performance tainted by 33% FSCS levy hike as assets close in on £130bn
SJP performance tainted by 33% FSCS levy hike as assets close in on £130bn
Wealth manager’s £36.7m levy was a ‘real concern and source of frustration’
St James’s Place’s funds under management reached almost £130bn last year, but its financial performance was tainted by a 33% jump in its Financial Services Compensation Scheme levy.
The firm reported net inflows of £8.2bn during 2020 – 8% lower than in 2019 and equivalent to 7% of opening funds under management.
Overall, net flows, together with robust markets, increased the wealth manager’s funds under management by 11% to £129.3bn, setting the firm on course to hit SJP chief executive Andrew Croft’s target of £200m by the end of 2025.