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SJP sees new business soar 46% in run-up to RDR
by Alex Steger on Jan 24, 2013 at 08:10
St James’s Place (SJP) saw new business in the last quarter of 2012 rise by 46%, from £152.8 million in 2011 to £223.8 million, on an APE basis.
Adviser numbers at the tied network also increased by 8.4% to 1,788.
In the last three months of 2012 new investment business increased 54% to £109.1 million, compared to £71 million in 2011, while new pensions business was up 41% from £75.9 million in the equivalent period last year to £107 million in 2012.
The firm’s funds under management grew to £34.8 billion, up 22% over the year.
SJP chief executive David Bellamy (pictured) said ‘Whilst market conditions remained challenging for much of 2012, we were pleased to attract £5.9 billion of new investments during the year. This, together with the continued 95% retention of existing client funds and positive investment returns, saw assets under management rise to an all-time high of £34.8 billion.
'We enter the year well positioned for the new retail distribution review (RDR) environment. Recruitment activity remains buoyant and we have good momentum across all aspects of the business as we continue to develop our investment proposition and enhance the service we provide to our clients.
Earlier this month SJP were tipped by analysts at Investec as one of the firms best placed to benefit from the RDR.
The analysts note said: ‘On balance, the upheaval in the UK life industry that the RDR is likely to induce should largely bypass the company.
‘The focus on a mass affluent customer base should significantly insulate the company from the difficult economy while having an in-house sales force should mean minimal RDR disruption.'
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