28th Apr 2015 06:10
LONDON (Alliance News) - St. James's Place PLC Tuesday reported an increase in funds under management in the first quarter of its financial year, after taking in GBP1.30 billion of net inflows, boosted by higher limits for individual savings accounts and greater flexibility for people saving for retirement in the UK.
In a statement, the British wealth management and financial advice company said its funds under management increased by 7% to GBP55.8 billion over the quarter ended March 31.
New money invested amounted to GBP2.1 billion. Regular income withdrawals and maturities amounted to GBP0.2 billion, while surrenders and part surrenders amounted to GBP0.6 billion.
St James's Place reported a net investment return of GBP2.5 billion.
Chief Executive David Bellamy said he is confident of growing the business in line with its objectives in 2015 and beyond as a result of the need for financial advice in the UK.
By Samuel Agini; [email protected]; @samuelagini
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