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SJP profits from RDR with 27% asset growth
by Jun Merrett on Jan 23, 2014 at 07:53
St James’s Place (SJP) grew its assets under management by 27%, as it benefits from the post-RDR squeeze on the financial advice sector.
The restricted advice group's funds under management increased from £34.8 billion to £44.3 billion over the course of 2013.
Net inflows reached £4.3 billion, up 28% from £3.35 billion. Total new business on an APE basis was £865.2 million in 2013, up 16% on the £743.3 million for the previous year.
SJP's partner numbers also increased by 9.5% to 1,958 during 2013. The firm also retained 95% of its clients’ funds under management in the year.
David Bellamy (pictured), chief executive of SJP, said the company had benefited from pressures affecting the rest of the advice market.
‘At a time when access to trusted advice is increasingly in short supply, we remain focused on this aspect of our business and believe our clients value our approach. They also value the importance we place on looking after their wealth through our distinct approach to investment management which offers them a breadth of investment options and bespoke portfolios.’
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