23rd Jan 2014 10:03
LONDON (Alliance News) - St. James's Place PLC Thursday said the value of the funds its manages rose in the fourth-quarter, citing net inflows and the strong recovery of the financial markets.
In a statement, the wealth manager said it attracted GBP1.3 billion in net inflows in the three months to December 31, 2013, bringing the total for the year-to-date to GBP4.3 billion, which means it had GBP44.3 billion in funds under management at the end of the quarter - an increase of 6% over the course of the quarter.
"As I have said previously, there is a reassuring consistency about our business, most clearly demonstrated by the sustained growth in our funds under management over the last five years. Over this period of changing economic and market conditions, funds under management have grown by a compound 22% per annum compared to growth in the FTSE 100 of 8.8% per annum," David Bellamy, chief executive, said in a statement.
"I am confident that the growth we achieved in 2013, in both new investments and Partner numbers, bodes well for the continued momentum in our business and for our future growth in line with our medium term objectives," Bellamy added.
St. James's Place shares were Thursday quoted at 779.46 pence, down 8.04 pence, or about 1.0%.
By Samuel Agini; [email protected]; @samuelagini
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