St James's Place funds under management rise 3.4 per cent

29th Apr 2014 07:17

- Net inflow increase 26 per cent - Funds under management since start of the year up 3.4 per cent- Well placed to maintain momentumLondon-based wealth manager St James's Place took 1.2bn pounds in new investment compared to the same quarter a year earlier and said the new financial year has started strongly.Net inflow increased 26% during the three months to March 31st while funds under management (FuM) grew to £45.8bn, up 17% on the year earlier. Funds since the start of the year have grown 3.4%. New business production and funds under management were towards the top end of market expectations with net asset value of roughly 590p per share also ahead of consensus.Chief Executive David Bellamy said: "We are well placed to maintain momentum in our business in line with our medium term growth objectives."The group said total new single investments rose to £1.8bn, up 22% from last year.St James's said there was a strong retention of clients' funds under management of around 95%.The group reported that it was close to signing off on the Henley Group acquisition in Singapore.CJ