St. James's Place (STJ) Q1 2026 TU earnings summary

Executive summary

• Gross inflows reached £5.23 billion in Q1 2026, up from £5.14 billion in Q1 2025.

• Net inflows totaled £1.53 billion, compared to £1.69 billion in the same quarter last year.

• Funds under management (FUM) closed at £216.94 billion, up from £188.59 billion year-over-year.

• FUM retention rate improved to 95.3% from 95.0% in Q1 2025.

• Net inflows as a percentage of opening FUM (annualised) declined to 2.8% from 3.6%.

Segment performance

• Pension segment contributed £1.01 billion in net inflows, while DFM added £0.52 billion; Investment bond and UT/ISA segments were flat or slightly positive.

• Surrenders and part-surrenders totaled £2.59 billion, with an implied surrender rate of 4.7% versus 5.0% last year.

• Net investment return was negative £4.60 billion, reflecting market declines.

Key financial ratios and metrics

• Gross inflows increased 1.8% year-over-year.

• Net inflows declined 9.5% year-over-year.

• FUM grew 15% year-over-year.

• Surrender rate improved to 4.7% from 5.0% year-over-year.