St. James’s Place (LSE:STJ) reported first-half 2026 results that came in ahead of market expectations, with adjusted profit after tax reaching £224 million, approximately 14% above analyst forecasts.
During the first six months of the year, the wealth manager generated net inflows of £2.7 billion, broadly in line with consensus estimates. Funds under management increased to £240.8 billion, exceeding analyst expectations by around 2%, while the client retention rate improved by 10 basis points year over year to 95.4%.
The company also announced a £128 million share buyback programme, consisting of a £45 million ordinary repurchase alongside an additional £83 million buyback funded through the release of a provision. St. James’s Place maintained its interim dividend at the level anticipated by the market.
At 30 June, the business employed 4,951 advisers, an increase of 17 compared with the end of 2025 but one fewer than a year earlier. Management reaffirmed its expectation that adviser numbers will remain broadly stable over the full year.
Adjusted profit also benefited from a lower effective tax rate of 19%, compared with 23% during the same period last year. Operating expenses remained well managed, although the company noted that a greater proportion of planned investment spending will fall in the second half of 2026.
During the period, St. James’s Place introduced changes to the timing of partner remuneration, moving from annual to monthly payments. The company said the adjustment would not affect the parent company’s profit and loss account, stating, “this change will not affect the parent company’s profit and loss statement, as market risk is hedged and there is no net interest income benefit from retaining cash for a year.”
Elsewhere, pension inflows were below historical levels, while unit trust and ISA products continued to attract healthy investor demand throughout the first half.
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