Wealth manager St. James’s Place (LON:STJ) reported a 13 percent growth in funds under management, despite feeling the impact of weaker markets.

Net inflows increased during the first quarter of the year, with funds under management reaching £89.91 billion, with inflows of £1.99 billion in the previous corresponding period.

Retention of client funds stood at 96 percent, despite total assets falling 0.9 percent in the three months. The group said it had been hit by the impact of weaker markets, but had “maintained momentum” over the period.

“After a record year for new business in 2017, we have maintained momentum in the first quarter of 2018,” chief executive Andrew Croft said.

“Weaker investment markets resulted in funds under management closing at £89.91 billion, marginally lower over the three months but still up strongly over the past year.”

Croft said the company continued to see a growing market for trusted face-to-face financial advice.

“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 percent growth in gross inflows during 2018 and beyond,” he said.

Shares in the investment management group are currently trading down 0.26 percent at 1,143.50 (0913GMT).