St James's Place reports lower Q3 net inflows amid uncertainty ahead of UK budget

Oct 29 (Reuters) - British wealth manager St. James's Place reported a fall in third-quarter net inflows on Thursday as investors remained cautious in the lead-up to the UK budget and amid unpredictable markets, sending shares down as much as 5.7%.

Here are some details:

• The group reported net inflows of £570 million ($760.04 million) for the quarter ending September 30, down from £1.76 billion a year ago

• Investors have pulled back from riskier assets as the Iran war and a global bond selloff clouded sentiment, reducing trading activity

• The company added that the lower net inflows also reflected a strong comparative period last year, which benefited from high levels of activity linked to its then-new charging structure

• Funds under management as at September 30 were £242.4 billion, compared to £212.4 billion as of September 30 last year

• The inheritance tax levy on unused pension assets set to come into effect from April next year will be a headwind, JPM analysts said

• Analysts also noted that retaining assets on the platform may prove challenging as more advisers approach retirement

($1 = 0.7500 pounds)

(Reporting by Simone Lobo in Bengaluru; Editing by Jochelle Mendonca)