St James’s Place suffers £1bn hit to flows as investors look to dodge pension taxSt James's Place saw a drop in inflows but boosted customer numbersSt James’s Place took a £1bn hit to net inflows in the first half of the year as investors pulled cash from its funds to dodge market volatility and a looming pension tax bill. Net inflows declined from £3.8bn to £2.7bn in the first half of the year, in line with analyst expectations. The group pinned the decline on market uncertainty coupled with “impending changes” to the retirement and financial planning landscape. Profit before tax also took a hit as the company overhauls its fee structure, falling to £278.4m from £307m the prior year. Mark FitzPatrick, chief executive officer of St James’s Place, said the group is “confident in the long-term outlook for financial advice, which is under-penetrated in the UK”.