Q2 AUM update
AUM fell 25.7% in Q1 FY25 to £25.3bn due to net outflows and market declines.
vs expectations: below market expectations
- AUM at 31 March 2025 £25.3 billion (prior £34.1 billion)
- AUM decrease over quarter 25.7%
- Net flows (£7.8 billion)
- Listed equities AUM £23.3 billion (prior £32.0 billion)
- Fixed income AUM £1.4 billion (prior £1.5 billion)
- Private Markets AUM £609 million (prior £601 million)
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On 31 March 2025, the Company's AUM totalled £25.3 billion, representing a decrease of 25.7% over the three-month period.
Ian Simm, Chief Executive, said:
"Since the start of the calendar year, relative to generic indices, our investment strategies have benefitted from the broadening of market performance away from the US-listed mega-cap stocks that had previously dominated global equity returns. Nevertheless, as we previously signalled ahead of our AGM on 5 March, we experienced a challenging quarter in terms of net flows, with the winding-up of the £5.1 billion St. James's Place Sustainable & Responsible Equity Fund mandate and a small number of account closures within our institutional channel exacerbating the impact of negative market returns."
"Market conditions in the second half of FY25 remain highly uncertain. Given the fall in our AUM and the impact on global markets of an escalating trade war, we anticipate that full year profits will be below market expectations."
"We were pleased to announce last week the closing of our acquisition of the European assets of SKY Harbor Capital Management. This has given us additional investment management capability in fixed income as well as £1.1 billion of assets under management, which will be reflected in our next AUM update, which is due in July."
Figure 1. Movements in the Company's AUM for the quarter ended 31 March 2025
| Listed equities | Fixed income | Private Markets | Total firm | |
|---|---|---|---|---|
| £m | £m | £m | £m | |
| Total AUM at 31 December 2024 | 32,019 | 1,488 | 601 | 34,108 |
| Net flows | (7,724) | (62) | - | (7,786) |
| Performance, market movement, and FX | (992) | (4) | 7 | (990) |
| Total AUM at 31 March 2025 | 23,302 | 1,422 | 609 | 25,332 |
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