In a trading update, SJP said its group funds under management was £89.91bn ($125.4bn €102.9) on 31 March 2018, down from £90.8bn in Q4 2017.
Andrew Croft, chief executive at SJP, said: “Weaker investment markets resulted in funds under management closing at £89.91bn, marginally lower over the three months but still up strongly over the past year.”
Funds under management were £79.84bn in Q1 2017.
Despite the market backdrop, Croft added that the wealth manager still “maintained momentum”.
Net inflows for the quarter were 31% higher at £2.6bn, up from £1.99bn in Q1 2017. The group also reported a 96% retention rate of client funds.
Gross inflows were £3.91bn for the quarter, up from £3.23bn at the same time last year.
Croft said: “We continue to see a growing market for trusted face-to-face financial advice and believe St James’s Place remains ideally placed to meet this need.
“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 15-20% growth in gross inflows during 2018 and beyond.”
In a note to clients, JPMorgan analyst Ashik Musaddi said the results showed “yet another” solid quarter for inflows and FUM.