St James's Place does good business in Q3

2nd Nov 2010 08:03

Wealth management group St James's Place is having a "very successful year", growing total new investments by 32% during the third quarter.Total single investments hit £1.1bn in the three months ended 30 September, up from £0.8bn in 2009, and total new business on an annual premium equivalent (APE) basis jumped 30% to £136.5m.The company, 60%-owned by Lloyds Banking Group, said net inflow of funds under management was better at £700m compared with £600m last time, helping funds under management grow £2.4bn, or 11%, to £24.8bn. Rising stock markets were the biggest driver though.Chief executive David Bellamy was "delighted" with how things went during the quarter. "While we are up against tougher comparatives in the short term we remain confident in our ability to deliver average new business growth within our 15-20% per annum range over the medium term," he said.