24th Oct 2013 07:35
LONDON (Alliance News) - Wealth manager St. James's Place PLC said Thursday its funds under management rose 27% year-on-year to GBP41.8 billion as of September 30, driven by GBP1.03 billion in net funds inflow in the third quarter, compared to GBP0.75 billion for the same period a year ago.
St. James's Place said the third-quarter performance lifted total net funds inflow for 2013 to date to GBP3.02 billion, up 34% from the GBP2.26 billion seen by the same point in 2012.
Total single investments increased by 27% year-on-year during the third quarter to GBP1.69 billion, St. James's Place said, bringing year-to-date single investments to more than GBP5.2 billion, 28% ahead of the corresponding period last year.
Included within those figures, sales of ISAs and unit trusts were up 77% year-on-year for the quarter and 58% for the year to date, the weath manager said.
Measured on an annual premium equivalent (APE) basis, total new business was up 23% for the quarter at GBP203.9 million, while manufactured business was up 24% to GBP179.9 million.
"The momentum in our business is such that we remain confident in our ability to deliver growth in line with our objectives during the final quarter of 2013 and beyond," Chief Executive David Bellamy said in a statement.
In early trading Thursday, St. James's Place shares were up 1.0% at 683.45 pence apiece.
By Tom Waite; [email protected]; @thomaslwaite
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