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St. James's Place ups divi 40% as AUM hit £47.6bn

St. James's Place ups divi 40% as AUM hit £47.6bn

St. James's Place's saw assets under management (AUM) rise by 7% in the first half of the year to hit a record high of £47.6 billion although profits took a £7 million hit from the Financial Services Compensation Scheme (FSCS) levy.

The company's AUM are up 19% from £39.9 billion over 12 months although profits fell from £90.1 million to £82.4 million in the first half, year-on-year.The group said that due to changes in the IFRS accounting rules, the group's full-year Financial Services Compensation Scheme levy of an anticipated £6.9 million was included in its half-year numbers rather than being phased in over the year, which saw the payment rise from £2.4 million in the same period last year.

SJP's staff headcount was also on the rise with partnership numbers up 5.4% to 2,007, while its total number of advisers rose by 9% year-on-year to 2,688. The strong numbers prompted the board to increase its interim dividend by 40% to 8.93p per share.

Chief executive David Bellamy (pictured) said: 'In the first half of this year, our partners introduced over 27,000 new clients to St. James's Place who, together with our existing clients, entrusted us with over £3.9 billion of new investments, some 21% higher than for the same period last year.

'Furthermore, the long term retention of client funds under management remains consistently strong at 95%, increasing our net inflow by 23% to just over £2.4 billion, taking our funds under management to a new record high of £47.6 billion.'

He added that the transition of the £3 billion income fund mandate from Invesco Perpetual to Woodford Investment Management had been 'seamless'.  

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