Time and right place for St James's

WEALTH manager St James's Place outpaced market expectations for growth in new business in the three months to the end of September, with strengthening markets bolstering sales.

By The Newsroom

Published 2nd Nov 2010, 21:28 BST

Updated 2nd Nov 2010, 21:28 BST

The company's most closely followed measure of new business, a combination of regular and single premiums, saw a 30 per cent increase over the period to 136.5m compared with forecasts of around 126m.

Funds under management were up 11 per cent during the quarter, boosted by a 700m net inflow and strong stock markets, reaching a total of 24.8bn.

David Bellamy, chief executive, said: "We are delighted with the continued momentum in new business and investment inflows during the quarter, which is attributable to the increasing breadth of our investment offering and the strength of our distribution.

"Although the outlook was uncertain earlier in the year, 2010 is proving to be a very successful year for St. James's Place. We remain confident in our ability to deliver average new business growth over the medium term."

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