30th Oct 2014 07:31
LONDON (Alliance News) - Wealth manager St James's Place PLC Thursday reported strong growth in funds under management in the third quarter, buoyed by a 23% increase in net inflows as clients took the opportunity of the higher limits now allowed on the amount that can be put into Individual Savings Accounts.
The company said its funds under management stood at GBP49.1 billion at the end of September, up from GBP41.8 billion a year earlier and up 11% since the start of 2014, as it booked net inflows of GBP1.27 billion in the quarter, up from GBP1.03 billion a year earlier, and inflows of GBP3.71 billion for the first nine months, up from GBP3.02 billion in the first nine months of 2013.
It also said it had retained 95% of client's funds under management during the quarter.
Its new business on an APE basis was GBP212.6 million over the third quarter, up from GBP179.9 million a year earlier, meaning a 19% increase over the first nine months of the year at GBP660.5 million, from GBP553.8 million a year earlier.
"I am very pleased to report that the strong momentum in our business continued into the third quarter, with growth in new business buoyed by a 50% increase in new ISA investments, as clients took the opportunity to capitalise on the higher limits introduced on 1 July," Chief Executive David Bellamy said in a statement.
"With the increasing freedoms and responsibility individuals have for their own affairs, both leading up to and through retirement, the need for reliable and expert advice has never been more obvious. Consequently, I am confident that we remain well positioned for continued growth in line with our medium term objectives," he added.
By Steve McGrath; [email protected]; @stevemcgrath1
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