Wealth management group St James's Place has seen funds under management (FUM) grow to record levels despite shaky investor confidence.
In the first quarter of 2012 the company saw a net inflow of £700m into its funds and a 95% retention rate of existing clients.
Its funds under management figure is now a company record of £31bn, an increase of £2.5bn over the three months, reflecting both inflows and investment performance.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
New business remained resilient, the company claimed, with total new business on an annual premium equivalent (APE) basis clocking in at £152.6m in the first quarter, versus £156.7m in the first three months of 2011.
Total new single investments in the quarter were lower at £1,256m compared to £1,288m a year earlier, but the pension single investment number rose to £522m from £410m the year before.
David Bellamy, Chief Executive, commented: "Retail investors are naturally sensitive to continued market uncertainty and consequently remain relatively cautious in their appetite for investment. Nevertheless, we are confident about the strength, resilience and predictability of new business flows."
St James's Place shares were up 0.39% at 09:46.
BS
-
Trump tariffs challenged by US courtThe legal basis underpinning Trump’s tariffs has been deemed unlawful by the US Court of International Trade. How have markets responded?
-
Nationwide launches 5% savings account – who is eligible?Nationwide’s new fixed rate savings account leads the market in terms of interest rates for 18-month fixed rate bonds. Are you eligible?
