Fourth quarter new business announcement
Total new single investments £3.1 billion
St. James’s Place plc (“SJP”), the wealth management group, today issues its new business figures for the year ended 31 December 2008.
Highlights for the year are:
- Total new single investments of £3.1 billion (2007: £3.4 billion)
- Total new business, on an APE basis, of £419.0 million (2007: £428.6 million)
- Pensions new business up 13% to £194.9 million (2007: £172.3 million)
Funds under management
- Funds under Management of £16.3 billion down 1% over the final quarter
- Retention of Funds remains strong and has been maintained at 95%
Partnership numbers at 1,340 up 7%
David Bellamy, Chief Executive, commented:
“Given the extraordinary market conditions that prevailed in the final quarter in particular, we are pleased with these results.
“We are particularly pleased with the total new single investments of £3.1 billion and the continued strong retention of funds under management. As a result funds under management were just 10% lower during a period when world markets moved 30-40% lower.
“Looking ahead to 2009, our advisor based approach to wealth management and the third consecutive year of strong growth in the Partnership numbers, will help us continue to outperform in challenging market conditions. Longer term, we remain confident about achieving our ambitious growth target.”
The details of the announcement are attached.
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View the full press release.
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