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Three of the UK\u2019s biggest money managers reported strong inflows in the third quarter alongside warnings of uncertainty about measures that could be revealed by chancellor Rachel Reeves in her Budget in just over a month. <\/p>\n
St James\u2019s Place<\/a> reported net inflows of \u00a31.76bn over the third quarter, up from \u00a3890mn in the same period a year ago \u2014 higher than analysts expected. <\/p>\n The increase came as the UK\u2019s largest wealth manager implemented its new charging structure in an attempt to make its fees more transparent for clients. <\/p>\n However, the changes to its fees reduced the maximum amount that its 5,000 or so financial advisers could earn upfront, fuelling concerns<\/a> that they were attempting to sell more products before the new model came into force at the end of August. <\/p>\n Mark FitzPatrick, chief executive of SJP, said that the jump in customer inflows reflected \u201cboth strong demand for financial advice and high levels of client engagement and activity ahead of the implementation of our new simple, comparable charging structure in late August\u201d.<\/p>\n He said the third quarter had brought \u201cunseasonably high levels of client engagement and activity\u201d ahead of the Budget<\/a>, meaning \u201cflows in the final quarter may therefore be less strong\u201d. <\/p>\n SJP\u2019s funds under management rose to \u00a3212bn, up from \u00a3184bn a year ago. Shares fell 2.5 per cent in early trading, but the stock is up more than 50 per cent<\/a> this year.<\/p>\n Schroders<\/a>, one of Britain\u2019s largest asset managers, also reported a surge in assets under management to a high of \u00a3816.7bn, up 5 per cent over the quarter, fuelled by an increase in the value of investments. <\/p>\n Net new business, excluding joint ventures, amounted to \u00a34.9bn in the third quarter, compared with \u00a3300mn a year ago.<\/p>\n Chief executive Richard Oldfield said his \u201crefocusing\u201d of the business was progressing, pointing to its exit from sub-scale markets including its operations in Brazil and India.<\/p>\n