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.

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'.  

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 Big City Bright Future

Big City Bright Future

Big City Bright Future, the brainchild of BlackRock, is a three-week work experience programme for school leavers looking to forge a career in the City.

Play Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Read More
Your Business: Cover Star Club

Profile: change is the only constant for Quilter Cheviot

Profile: change is the only constant for Quilter Cheviot

This is not the first time we have profiled David Miller, but at the time of his previous appearance his company looked very different.

Wealth Manager on Twitter