Funds flood in at St. James's Place

21st Jan 2010 07:55

The last quarter of 2009 saw funds under management at wealth manager St. James’s Place rise by more than a billion pounds. Funds under management (FUM) during the October to December period rose £1.1bn to £21.4bn, with £700m of that representing new funds placed under St. James’s care.The annualised surrender rate as a percentage of average funds under management eased to 4.0% over the whole of 2009 from 5.2% in 2008.‘Record new investments and excellent retention are a credit to our entire community and have helped drive group funds under management to record levels,’ said company chief executive David Bellamy.On the new business front, the group saw total single investments of £1.08bn, up from £0.72bn in the final quarter of 2008.Total new business on an annualised premium equivalent (APE) basis rose 38% to £133.2m from £96.4m in the corresponding quarter of the previous year.Manufactured new business on an APE basis was £122.7m, up 43% from £85.6m a year earlier.