St James's Place dismisses Lloyds sale talk

28th Jul 2010 15:45

Wealth manager St James's Place enjoyed its third consecutive record quarter in the three months to June 30 and dismissed rumours Lloyds is selling its stake.Total new business, on an annual premium equivalent (APE) basis, jumped 44% to £292.6m in the first half of 2010, aided by another record in the second quarter, up 46% to £159.3m.Profit for the half-year rose sharply both on a European Embedded Value (EEV) and IFRS basis, up 60% to £162.1m and 82% to £36.3m respectively.Net inflow of funds under management surged 50% to £1.5bn, making funds under management of £22.4bn."Despite the economic and stock market uncertainty, we remain positive about our ability to deliver further growth for the remainder of the year albeit with a tougher comparative in the final quarter," said chief executive David Bellamy.The company also said majority shareholder Lloyds Banking Group is keeping its stake in St James's Place for now, putting to bed rumours that the bank had been looking to sell.The interim dividend rises 10% to 2.025p a share.