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Brexit stroke hard but ordinary savers were not affected and following the vote invested even more money into wealth firm St James’s Place.
A steep downfall in the value of sterling in the weeks after the end-June vote had assisted in boosting British shares and the value of the firm’s assets, and it the wealth manager said it had yet to see any flagging in investor sentiment despite the volatile economic and political situation.
Wealth manager has reported a 9% increase in the value of its assets, bolster by financial market gains and high demand for its personal investment advice in the aftermath of Britain’s vote to leave the European Union.
In July, August and September, the FTSE 100 giant attracted £1.7 billion of new investments.
Shore Capital analyst Eamonn Flanagan said in a note to clients: “Despite considerable political upheaval and market volatility, St James’s Place has issued an excellent Q3, reporting inflows and funds under management which comfortably exceeded both our and the market’s expectations”
This was due to a big increase in people laying aside cash for their retirement.
David Bellamy, the firm St James’s Place CEO, said: “If you go outside London there’s a different sense of what Brexit is. Nothing has changed in their world in so far as the things they worry about.
“Clients think about themselves and how things affect them.
“All of the same issues on a human scale that were there pre-vote are still there.”
Pension changes attracted £820 million extra into SJP’s pension business while tweaks to ISA contributions assisted in ploughing £620 million into those products.