LONDON, June 29, 2026, 14:01 BST
- St. James’s Place Plc (LON:STJ) slipped 0.54% to 1,187p by 14:01 BST, while the FTSE 100 (INDEXFTSE:UKX) was off 0.13%.
- SJP trades at roughly 2.8% of its March funds under management. Q1 FUM increased 15.0% year-on-year, while net inflows dropped 9.5%.
- SJP’s half-year wraps up June 30, with H1 results and Q2 new business set for July 29.
St. James’s Place Plc (LON:STJ) slipped 0.54% to 1,187p in Monday afternoon London trading, lagging the FTSE 100 (INDEXFTSE:UKX), which dipped 0.13%. The quote hit at 14:01 BST, inside the LSE’s 0800-1630 session. Shares traded between 1,186p and 1,202.5p, with volume at 1.02 million against a 2.07 million average.
Valuation versus assets looks key here. At a £6.14 billion market cap, SJP trades at around 2.8% of its £216.94 billion in funds under management as of March. That drops to about 2.6% using 2026 consensus FUM of £233.8 billion, based on Reuters numbers from Google Finance and company data. Shares sit about 24.7% off the 52-week high of 1,575.5p and up 6.6% from the 52-week low of 1,114p.
| Metric | Latest / current | Comparator | Reuters calculation |
|---|---|---|---|
| Share price | 1,187.0p | 52-week high was 1,575.5p | Down 24.7% from the high |
| Market value / March FUM | £6.14 bln / £216.94 bln | — | 2.8% |
| Market value / 2026 consensus FUM | £6.14 bln / £233.8 bln | — | 2.6% |
| Q1 closing FUM | £216.94 bln | £188.59 bln at end of Q1 last year | Up 15.0% |
| Q1 net inflows | £1.53 bln | £1.69 bln a year ago | Down 9.5% |
| Q1 net inflow rate | 2.8% annualised | 3.6% this time last year | Off 80 bps |
The reason Monday’s price is key is the gap between FUM growth and flow yield. SJP’s first-quarter FUM was up versus last year, but net inflows fell and the annualised net inflow rate dropped by 80 basis points. In April, chief executive Mark FitzPatrick said SJP had “attracted gross inflows of £5.2 billion” and kept FUM retention at 95.3%.
Pensions showed a cleaner product mix than other lines. These accounts made up 54.5% of closing Q1 FUM and delivered 66.0% of net inflows. Unit trust, ISA and discretionary fund management products had 34.0% of net inflows but implied a 7.9% surrender rate. Investment bonds posted no net cash for Q1.
| Q1 2026 line | Closing FUM | Net inflows | Implied surrender rate |
|---|---|---|---|
| Investment bond | £43.38 bln | £0.00 bln | 5.1% |
| Pension | £118.30 bln | £1.01 bln | 3.1% |
| UT/ISA and DFM | £55.26 bln | £0.52 bln | 7.9% |
| Total | £216.94 bln | £1.53 bln | 4.7% |
The asset mix tells a story too. North American equities were 36% of March FUM, with fixed income at 17%. Asia and Pacific equities held 15%, European equities 14%. The July FUM will depend on where markets are before net flows come in.
Visible Alpha consensus from SJP as of June 10 shows 2026 adjusted IFRS profit after tax at £405.9 million, down from £462.3 million in 2025, before rising to £519.4 million in 2027. Based on the current market cap, the stock trades at about 15.1 times 2026 consensus profit and 11.8 times for 2027. FUM consensus comes in at £233.8 billion for 2026, rising to £250.5 billion for 2027.
SJP will report H1 results in a new format. The firm said on June 18 it’s changing the name of underlying cash result to adjusted IFRS profit after tax. No changes to how it runs the business, profit outlook, financial targets or guidance for shareholder returns.
FitzPatrick told Reuters in February that an AI-led selloff was just “noises within the financial markets” and said he thinks diversified client portfolios can “weather the storm.” He also said he was sure SJP would reach its £100 million cost-savings goal by early 2027. Reuters
SJP puts its half-year end on June 30. The firm will report half-year results and second-quarter new business numbers on July 29. Interim dividend will go ex on Aug. 6, with payment on Sept. 18.
