Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

BlackRock discloses St James’s Place short position

1 Comment
BlackRock discloses St James’s Place short position

BlackRock Investment Management disclosed a short position in St James’s Place (SJP) a day after results from the wealth manager.

In an announcement posted on the London Stock Exchange late yesterday afternoon, it was revealed BlackRock had a 0.25% short on SJP.

The news came a day after SJP, headed by chief David Bellamy (pictured), unveiled forecast-beating third quarter numbers, showing sales over the period were up 8% at £165.6 million, well ahead of Investec’s estimate of £156.4 million.

Investec analyst Kevin Ryan repeated his buy rating and 380p price target on the stock in a note in response the numbers.

'We continue to recommend the stock as a buy and retain our sum of the parts target price,' Ryan said. 'St James's Place is a rarity in the UK life industry in that it is a growth company.'

Ryan added: 'It is growing because it is mining the mass affluent niche that is largely ignored by competitors and, uniquely, it has an internal sales force. The latter is RDR compliant and the fall-out from RDR should make it easier to recruit high quality sales people.'

Since the results were posted on 31 October shares in SJP have risen from 390p to a little more than 396p at 11am on 2 November, a penny below their 12-month high.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Video special: what Scottish DFMs think of SNP election flop

Video special: what Scottish DFMs think of SNP election flop

As delegates gathered for Citywire Scotland, we asked them their take on the election.

Play Keith Skeoch: 'passive has a part to play'

Keith Skeoch: 'passive has a part to play'

In the third part our series, Skeoch outlines his vision for Standard Aberdeen.

2 Comments Play Keith Skeoch: why I believe markets will make 'substantial returns'

Keith Skeoch: why I believe markets will make 'substantial returns'

In an exclusive interview, Standard Life CEO Keith Skeoch tells us why he takes an optimistic view on markets just about everywhere.

Read More
Your Business: Cover Star Club

Profile: Rathbones' fund boss on spotting emerging talent

1 Comment Profile: Rathbones' fund boss on spotting emerging talent

A great fund manager is really easy to spot, says Mike Webb, chief executive of Rathbones Unit Trust Management

Wealth Manager on Twitter