IHP Group shares were down 3.4% to 240.4p in late morning trading on Tuesday following a reported £1.7 billion in gross inflows and £1 billion in net inflows over Q3 2022.
The firm highlighted its gross and net inflows for the financial year remained ahead of the previous year comparative.
IHP Group confirmed an average daily funds under direction of £51.9 billion, which came in lower than Q1 and Q2 due to the negative impact of market movements.
The company mentioned 17,949 clients added to its base in the year-to-date, against 17,942 across the same term in 2021, and 546 newly registered advisors compared to 522 year-on-year.
“I am pleased to report a robust quarter of inflows on to our platform. Net inflows were £1.0bn in spite of a difficult economic and market environment. Outflows remained broadly in line with previous quarters,” said IHP Group CEO Alex Scott.
“The net inflows on to the platform, together with strong and consistent rates of new clients joining the platform (17,949 added to date in FY22, compared to 17,942 for the comparative period in FY21), and newly registered advisers (546 added to date in FY22, compared to 522 for the comparative period in FY21), is testament to the strength of the investment platform offering.”
The group also noted guidance for its previously announced IT and software investment, with 50 development staff set to be recruited in FY 2022 and FY 2023 in a move to enhance its investment platform and back office software.
IHP Group commented its investment would improve its operational efficiencies and cost effective scalability of its investment platform, reducing the number of additional operational staff necessary to serve extra clients and advisers from FY 2025.