St James's rides equity market recovery

21st Apr 2010 07:33

Wealth manager St James's Place enjoyed record sales of single products and a strong inflow of new money in the three months to March as ISA and unit trust sales took off.Total new single investments rose by 57% to £1.1bn, up from £711m, with unit trust and ISA investments up 84% to £295.6m (2009: £160.7m) and ISA business up 102%. The comparative period last year was at the bottom of the recent market slump.Total new business on an Annual Premium Equivalent (APE) basis was £133.3m (2009: £93.8m) up 42%, though regular premiums business was weaker with pensions sales down 5% to £17.4m. Funds under management rose 9% to £23.3bn and are 52% higher over twelve months. There was a net inflow of funds under management of £700m. "Against an improving market backdrop, we've delivered a very strong all round performance that is a credit to the Partnership and our entire community," chief executive David Bellamy said. "We have a great business that is in excellent shape and we remain optimistic about the future," he added.