29th Apr 2014 07:37
LONDON (Alliance News) - St. James's Place PLC Tuesday reported an increase in funds under management in its first quarter, after taking in GBP1.2 billion in net inflows, a 26% increase on the comparative quarter of 2013.
In a statement, the British wealth manager, which earlier this year became a member of the FTSE 100 index, said its funds under management, boosted by the net inflow, grew by GBP1.5 billion to GBP45.8 billion over the quarter ended March 31, despite the slight fall in world stock markets.
New money invested, which amounted to GBP1.9 billion, drove net inflows but was supported by a positive investment performance of GBP300.0 million.
Regular income withdrawals and maturities, coupled with surrenders and part surrenders, took away GBP700.0 million.
St. James's Place said demand for trusted wealth management advice remains as high as ever, which, twinned with good growth in partner numbers in recent years, means the wealth manager is "well placed to maintain momentum" in line with medium-term growth objectives.
Chief Executive David Bellamy welcomed the net inflows and resulting increase in funds under management, as well as the extension of St. James's Place's range of funds and fund managers, including Woodford Investment Management, Threadneedle Investments, Wasatch Advisors and Manulife Asset Management.
Bellamy also said St. James's Place is close to receiving the all-clear from regulators for the acquisition of Singapore-based adviser business Henley Group.
"The fact that we are able to attract and retain some of the most respected asset managers from around the world is a strong endorsement for our investment proposition. Whilst providing real added value to our UK based clients, it will also underpin our expansion into the Far East expatriate market where we are close to receiving the necessary regulatory approvals to complete the acquisition of the Singapore based Henley group," Bellamy said.
"We are also encouraged by the pensions and savings initiatives announced in last month's budget and fully support any steps that simplify the current regime and encourage savings for the future," Bellamy added.
St. James's Place shares were Tuesday quoted at 778.50 pence, up 2.0%, placing it fourth among FTSE 100 gainers in early trade.
By Samuel Agini; [email protected]; @samuelagini
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