New investments up 13 per cent year-on-year at St James' Place

FTSE 250-listed wealth management company St James' Place attracted 5.87bn pounds of total single investments in 2012, representing an increase of 13 per cent year-on-year, according to a business update issued by the group on Thursday morning.

Total new business on an annual premium equivalent (APE) basis rose 16% year-on-year to £743.3m and final quarter new business on an APE basis was up 46% to £223.8m.

Meanwhile, funds under management at the company rose 22% over 2012 to £34.8bn and partnership numbers were 8.4% to 1,788.

David Bellamy, Chief Executive Officer of St James' place, commented: "I am delighted to report a very strong final quarter and another record year of new business for St. James's Place. Whilst market conditions remained challenging for much of 2012, we were pleased to attract £5.9bn 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 £34.8bn which attests to the strength of our Partnership-led business and the quality of our investment proposition for clients."

He added: "We enter the year well positioned for the new RDR [Retail distribution Review] environment, with over 2,000 people fully qualified to the new diploma level. 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."

MF