St. James's Place on Thursday told investors that funds under management reached a record £242.44 billion at the end of the third quarter, up from £212.36 billion a year earlier, as positive investment returns offset a sharp slowdown in net inflows.
The UK's largest wealth management and financial advice business reported net inflows of £0.57 billion for the three months to 30 September, down from £1.76 billion in the same quarter last year.
Gross inflows fell to £5.15 billion from £5.70 billion, taking the year-to-date total to £15.6 billion.
Chief executive Mark FitzPatrick attributed the weaker comparative to an "exceptionally strong" prior-year quarter that had benefited from high activity linked to the implementation of the company's new charging structure, adding that the latest quarter "demonstrated the continued strength of our Partnership."
Client retention held at 95.1% on a year-to-date annualised basis, down slightly from 95.2% a year earlier, with outflows broadly stable relative to funds under management.
North American equities remained the largest component of the portfolio, accounting for 40% of total funds under management at £95.5 billion, up from 38% a year earlier.
FitzPatrick said the company continues to invest in client proposition, adviser support and technology, including artificial intelligence, to improve productivity, and pointed to further detail on "Amplify", the next phase of its growth strategy, due at the full-year results in February.