St James's Place upbeat after jump in funds under management

24th Oct 2013 07:55

St James's Place reported funds under management had jumped five per cent in the three months to the end of September to a record 41.8bn pounds.The wealth management group said it had benefited from the strong performance in equity markets as well as another good quarter for new business. Chief Executive David Bellamy said: "The momentum in our business is such that we remain confident in our ability to deliver growth in line with our objectives during the final quarter of 2013 and beyond." The net inflow of funds was £1.03bn, up 37% on the same period last year, and the company said it had continued to retain 95% of existing clients' funds.It reported that total single investments increased by 27% in the quarter to £1.68bn while total new business on an annual premium equivalent basis (a way of measuring the sales) was up 23% to £203.9m. Shares in the company were up 1.7% at 688p at 08:12 on Thursday.TB