22nd Jan 2015 07:38
LONDON (Alliance News) - St James's Place PLC Thursday reported a 17% rise in funds under management to GBP52 billion in its last financial year, bolstered by strong new business figures and net inflows as it attracted more than 50,000 new clients.
In a statement, the wealth management and financial advice group said that new business sales rose by 17% to GBP895.6 on an annual premium equivalent basis in 2014. In addition, third party new business, which arises from advice given on products and services of third party providers, rose to GBP598.1 million from GBP591.1 million.
Total new single investments rose to GBP7.8 billion from GBP6.6 billion. A net inflow of GBP5.09 billion was also reported, higher than the GBP4.23 billion in the prior year, helped by a rise in fourth-quarter net inflows to GBP1.38 billion from GBP1.21 billion
"We attracted over 50,000 new clients in the year and our record on retention underpins our belief that, as well as the positive investment returns and the individual advice they can rely on, clients value the human relationship and highly personal interaction that our proposition delivers," David Bellamy, chief executive, said in a statement.
"Despite the uncertainty that markets face in 2015, the momentum of our business, coupled with the increasing need for professional financial advice, reinforces our confidence in the future growth opportunities," Bellamy said.
St James's Place, which was promoted to the FTSE 100 last year after former majority owner Lloyds Banking Group PLC sold its stake in the company in 2013, has been one of those to benefit from tougher regulation imposed on financial advice, while it is also looking to take advantage of major changes to pensions rules in the UK when the new rules due to come into force in April give people more control over how to invest their pensions.
By Samuel Agini; [email protected]; @samuelagini
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