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View the article online at http://citywire.co.uk/wealth-manager/article/a748343

SJP's inflows surge 26% to £1.2bn in Q1 as it closes in on Asian acquisition

by James Phillipps on Apr 29, 2014 at 07:41

SJP's inflows surge 26% to £1.2bn in Q1 as it closes in on Asian acquisition

St. James’s Place saw net inflows surge by 26% to £1.2 billion in the first quarter, pushing assets under management up to £45.8 billion.

Total new single investments rose by 22% to £1.8 billion while net inflows of funds under management of £1.2 billion represented a 26% rise on the £900 million attracted in the same period last year. Total funds under management, at £45.8 billion, are up 17% over 12 months and 3.4% since the start of 2014.

Chief executive David Bellamy (pictured) gave a confident outlook, pointing to the company’s upcoming tie-up with the fledgling Woodford Investment Management and further afield, its pending acquisition of Singapore-based expat advisory, Henley Group. He said SJP is close to achieving regulatory approval for this deal.

Earlier this month SJP announced it was withdrawing a £7 billion mandate from Invesco Perpetual, with £3.5 billion being moved over to Woodford’s soon to be launched firm and the remainder being invested with Threadneedle. It also unveiled tie-ups with Wasatch Advisors and Manulife Asset Management.

‘The fact that we are able to attract and retain some of the most respected asset managers from around the world is a strong endorsement for our investment proposition,’ Bellamy said.

‘Whilst providing real added value to our UK based clients, it will also underpin our expansion into the Far East expatriate market where we are close to receiving the necessary regulatory approvals to complete the acquisition of the Singapore based Henley Group.’

‘Demand for trusted wealth management advice remains as high as ever which, twinned with good growth in partner numbers in recent years, means that we are well placed to maintain momentum in our business in line with our medium term growth objectives.’

Bellamy also said SJP had no fears over scrutiny from the Financial Conduct Authority (FCA) over the way it disclosed costs.

Earlier this month the regulator found 73% of firms failed to provide the required information on the cost of advice and two firms were likely to face enforcement action over their failures in this area.

Bellamy said SJP was not one of the two firms and added: ‘We have an incredibly transparent model. We have been complimented on the transparency of our cost and disclosures by independent surveys.

‘The FCA has no issue with our cost disclosure and we are in a good space.’

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