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Chris Ralph joins St James's Place as CIO
by Daniel Grote on Nov 03, 2009 at 11:33
St James's Place has appointed Chris Ralph (pictured), former partner at Maia Capital and head of multi manager at Fidelity, as its chief investment officer.
Ralph's appointment comes four months after Ignis's decision to terminate its Maia Capital joint venture due to tough market conditions, sparking his departure.
The upmarket sales force has also announced two new appointments to its investment committee. Vivian Bazalgette, who has held the post of chief investment officer at Prudential, and Peter Dunscombe, who has served as head of pension investments at the BBC Pension Trust, are both to join the committee.
The committee selects, monitors and replaces fund managers used by St James's Place.
The appointments come as St James’s Place announces new results which show new business levels rose 3% in the three months to the end of September, and its funds under management crossed the £20 billion mark for the first time.
New business measured on an annual premium equivalent (APE) basis hit £104.6 million in the third quarter, up from the £101.9 million it managed in the third quarter of 2008.
Net inflows hit £600 million in the three months, compared to £500 million in the third quarter of 2008. Total funds under management now stand at £20.3 billion, up £3.4 million on the level twelve months ago.
The figures mark a reversal of fortunes for the company, which had seen total sales for the first six months of the year fall 8% compared to the same period in 2008.
The up-market salesforce said improving investor sentiment had helped the business to return to growth during the last quarter.
Chief executive David Bellamy said, ‘We are very pleased that we have returned to growth in the third quarter and in particular with the strong performance in our manufactured business and the growth in investment business.’
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4 comments so far. Why not have your say?
Darren Lloyd Thomas
Nov 03, 2009 at 10:25
I have been taking nil initial commission and charging a lesser hourly based fee for some 4 years now. We have a good business model which allows us a regular income - as against the old feast and famine one. However, I have personally noticed a real change in customer sentiment in the past few months. New prospects (clients) are very reluctant to 'pay' for a financial plan - when the bank or St James Place will 'not charge'. Of course the client perception is wrong - and it is up to us to fully explain the cost of initial commission to the client. However, I think that the change in fortunes for St James place is a sign of our times - clients almost seem to want to work on commission! I am losing new business because I am sticking to a pure fee approach - paid directly by the client. I think the mass market advisers are reaping rewards from going at it 'old school'. Terrifying I know - but this is what we are seeing. Don't shoot me - any thoughts?!
report thisrob p
Nov 03, 2009 at 12:46
makes us look like proper muppetts.
is st jims pad the best new model in the market??
report thisGerry Cooper
Nov 03, 2009 at 13:40
It puzzles and concerns me that the Press continue to peddle this Company's line about being 'up market'
This is nothing but Marketing BS
As Darren says St James Place is a commission based sales operation, and a slick one at that.
Not that there is anything wrong with that, it's the lack of openness and the devices used to obfuscate and disguise the true nature of the business, at least to the customer, which grates, especially when, like Darren, you are trying to provide and demonstrate value for money to clients.
Remember, Abbey Life begat Hambro Life, begat Allied Dunbar, begat St James Place. Leopards and spots, and all that.
report thisAnon 700
Nov 03, 2009 at 16:56
Is this 3% increase and the increase in inflows directly proportional to the % decrease and outflows at Toady Law; i wonder?
Leopards and spots and all that indeed!
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