St James's Place increases funds under management

By The Newsroom
Published 21st Jan 2010, 08:47 BST
WEALTH manager St James's Place increased funds under management by £1.1bn in the last three months of 2009 as investors continued to buy into recovering markets.

Funds under management stood at 21.4bn at the end of the year, meeting exactly the forecast of analysts at brokerage Numis Securities.

Steadying markets meant growth in assets has slowed since the third quarter when funds under management increased by 3.4bn to 20.3bn.

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Net inflow of funds under management, however, was at 700m against 600m in the previous quarter.

Total new business on an annualised premium equivalent (APE) basis, calculated by adding new regular premiums to a tenth of new single premiums, was up 38 per cent from a year earlier at 133.2m, the company said.