St James’s Place (SJP) has seen assets under management soar to a record £41.8 billion after adding £7 billion in the nine months since the retail distribution review came into force.
The restricted advice group saw net inflows of assets under management of £1.03 billion in the third quarter of 2013, while assets increased to a record £41.8 billion, up 5% on the previous quarter, and up 20% since the start of the year.
New single premium investments for the three months ended 30 September increased to £1.7 billion, up 27% from £1.3 billion in the same period last year, while total new business on an APE basis was £203.9 million, up 23% from £165.6 million in the third quarter of 2012.
For non-manufactured long-term savings, in the third quarter of 2013 investment premiums were £54.1 million, up from £7.5 million the same time last year, while single pension premiums were £96.3 million, down from £117.6 million in 2012.
David Bellamy, SJP chief executive (pictured), said : ‘I am very pleased to be reporting another quarter of strong growth in new investments which, combined with our investment performance and the continued high retention of our clients' existing funds, saw our funds under management increase by £1.9 billion in the quarter to a record £41.8 billion, up £7 billion since the start of the year.’
‘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.’