Record year for St James's Place

22nd Feb 2012 08:52

St James's Place said 2011 was a record year on many counts for the wealth management firm."I am pleased to report another record year for St James's Place in terms of new business, operating profits and funds under management as we celebrate our 20th anniversary," said Chief Executive, David Bellamy.Total funds under management increased 6% during 2011 to £28.5bn from £27.0bn at the end of 2010. Net inflows were £3.3bn, a rise of 10% over 2010, while its net asset value per share grew 9% to 385p.The company's Chief Executive, David Bellamy, said: "New business so far in this quarter (Q1 2012) is running at the same level as the final quarter of 2011 whilst funds under management have grown to £28.5bn at the end of January."The firm targets 15% growth in new business and says it is confident that can be achieved."The cash result which ultimately determines the dividend was up 39% to £67.0m (2010: £48.3m) reflecting the increasing maturity of funds under management," Bellamy said. The final dividend has been increased to 4.8p, a rise of 21% on 2010, giving a full year figure of 8p, up 33% on the prior year.Shares in St James's Place had gained 1.18% by 09:03. Over the last year the stock is ahead by 21%.BS