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SJP to launch growth fund as £4.3bn inflows take AUM to £83bn

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SJP to launch growth fund as £4.3bn inflows take AUM to £83bn

St James’s Place will be adding to its strategies, following a strong half year which saw the company record £4.3 billion in net inflows, taking funds under management to £83 billion.

The company said that it will add a strategic growth portfolio to its range later this year. It will also launch a new global growth fund to be managed by Sands Capital, Edgepoint, Magellan and Select Equity Group.

The fund will have a growth bias and provide exposure to cyclical sectors. It will also have an overweight position to small and mid cap holdings.

The company added: ‘We are also continuing to seek new ways to allow technology to enhance and complement client interactions.’

In other developments, SJP is also launching a cash management portal, a probate service and a further range of savings accounts.

It said that it has also added a new retirement account which gives ‘additional flexibility for clients as they move between accumulation and drawdown.’

Elsewhere in the results, the firm reported a pre-tax profit of £79.6 million over the six months to the end of June. However, it said that this was negatively impacted by a £19.8 million contribution to the Financial Services Compensation Scheme (FSCS), which it described as being ‘at an elevated level’.

The FSCS levy is part of £214 million of costs SJP reported, which included regulatory fees, back office development and strategic development costs.

Meanwhile, the number of advisers at the firms went up 3.7% since the start of the year to total 3,540.

The company revealed that in the first half, as Rowan Dartington continued to expand, its number of investment executives and funds under management grew by 21% and 35% respectively.

On the back of all of these numbers, the board declared an interim dividend of 15.41 pence per share, up 25%.

In what will be his last formal CEO statement, David Bellamy (pictured) said: ‘Setting aside the political and macro-economic backdrop, the challenges and responsibilities that individuals face, when considering how to manage their wealth, remain. The implications of sustained low interest rates, longer life expectancy, enhanced pension freedoms and greater emphasis on individual financial responsibility, highlight the continued need for and importance of sound, personal and trusted advice.

‘The scale and quality of the company's relationship based approach to wealth management, twinned with our distinct investment management proposition, continues to be well positioned to serve this market.’

 

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