First quarter interim management statement
St. James's Place attracts £1.3 billion of new funds as funds under management grow to a record £31.0 billion
St. James’s Place plc (“SJP”), the wealth management group, today issues its interim management statement for the three months ended 31 March 2012.
Highlights for the three months are:
Resilient New Business
- Total new single investments of £1,256 million (2011: £1,288 million).
- Pension single investment of £522 million (2011: £410 million).
- Total new business on an Annual Premium Equivalent (APE) basis of £152.6 million (2011: £156.7 million).
Growth in Funds under Management
- Net inflow of funds under management of £700 million (2011: £770 million) and continued 95% retention of existing client funds.
- Funds under management of £31.0 billion, an increase of £2.5 billion in the three month period.
David Bellamy, Chief Executive, commented:
“We are pleased to report another strong performance in what remains a difficult period for the retail investment market. Whilst investor confidence remains comparatively low, the breadth of our investment proposition, together with the growing strength and the quality of our distribution has enabled us to attract a further £1.3 billion of new funds in the period.
Combined with the performance of our existing funds in the first quarter, this has given rise to a 9% increase in Funds under Management to a record £31 billion, an increase of £2.5 billion in the three month period.
We continue to maintain 95% retention of existing funds which is a testament to the attractiveness of our investment proposition and the unique nature of the relationship our advisers have with their clients.
Retail investors are naturally sensitive to continued market uncertainty and consequently remain relatively cautious in their appetite for investment. Nevertheless, we are confident about the strength, resilience and predictability of new business flows delivered by our distinct model and are encouraged by recent trends in both new business and recruitment activity.”
|David Bellamy, Chief Executive
||020 7514 1963
|Andrew Croft, Chief Financial Officer
||020 7514 1963
|Tulchan Communications Group Ltd
||020 7353 4200
|John Sunnucks / Michelle Clarke
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