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.
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
-
Could your family be at risk of an unexpected tax bill? How to keep your loved ones in the loopMany families are out of the loop when it comes to planning the financial aspects of both retirement and inheritance
-
Rightmove: Glut of homes for sale in southern England drives asking price dropAsking prices are 0.1% lower than a year ago, according to the property website, driven by challenges in affordability-stretched London and the south
