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St James’s Place passes £40bn on £1bn third quarter inflow
by Dylan Lobo on Oct 24, 2013 at 07:47
St James’s Place(SJP) recorded a £1 billion net inflow in the third quarter to help power assets under management to new records.
This represented an increase of 37% on the corresponding period of the previous year and lifted total inflows for 2013 to £3 billion.
The inflows helped propel funds under management to an all time high of £41.8 billion, an increase of 5% over the quarter and 20% over the year.
Meanwhile new business single investments were up 27% to £1.7 billion and the figure on an APE basis was 23% higher at £203.9 million.
The firm said it continued to retain 95% of client funds.
SJP chief executive David Bellamy (pictured) was satisfied with another strong quarter for the firm. ‘There is a reassuring consistency about our business that, at its core, is about maintaining long lasting relationships with our partners and clients alike and serving them well,' he told the stockmarket.
‘The focus we have maintained on those relationships and providing our clients with reliable added value advice and investment performance has enabled us to double our funds under management over the last four years.’
Bellamy added: ‘The momentum in our business is such that we remain confident in our ability to deliver growth in line with our objectives during the final quarter of 2013 and beyond.’
He is particularly happy by the fact his firm has managed to double assets under management in just four years during some of the most difficult conditions.
'We are a phenomenally successful business because we are focusing on the right things,' Bellamy told Wealth Manager.
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