Earlier this year St James's Place (SJP) set itself the ambitious target of growing gross inflows by 20%.
If the first quarter is anything to go by, it could easily reach this target. The restricted advice group saw a 21% rise in gross inflows between January and March this year compared with the same period last year.
A total of £3.9 billion of new client money was invested in SJP's propositions at the start of 2018. Much of the increase on last year was due to another quarter of strong demand for its pensions proposition: £2.2 billion came into the pension offering, a figure 48% higher than in the first three months of 2017.
Investment inflows over the first quarter of 2018 were £600 million, slightly higher than last year's £580 million. Unit trust and discretionary fund management inflows remained the same at £1.1 billion.
A slight dip in performance from SJP's funds meant that, despite the high level of inflows, total assets under management fell slightly from a high of £90.8 billion at the start of the year to £89.9 billion. This was still significantly higher than at the same point in 2017, when SJP had £79.8 billion of assets.
SJP chief executive Andrew Croft said strong demand for advice boosted the company's performance this year.
'This growing market, together with the strong start we have made to 2018, reinforces our confidence in our ability to achieve our stated objective of 15% to 20% growth in gross inflows during 2018 and beyond,' he said.