FUM up 6% at St James's Place

FTSE 250 wealth management group, St. James's Place, saw a 6% rise in funds under management (FUM) to £28.5bn in the year ended December 31st.

During the twelves months, the firm retained 95% of exisiting clients' funds and achieved a net inflow of FUM of £3.3bn, compared to £3.0bn the previous year.

The total number of single investments was £5.2bn, up 10% from £4.75bn the year before, while new pensions business was up 20% on an annual premium equivalent basis.

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David Bellamy, Chief Executive, said: "I am very pleased to report another record year for new business despite the difficult economic conditions that prevailed throughout the year and in particular the extreme volatility that characterised stock markets in the second half of the year.

"We also have excellent momentum in other aspects of the business. The growth in Partner numbers, the addition of new investment funds and the progress made in achieving the new regulatory qualification levels all bode well for the future.

"Consequently, while mindful of the difficult economic conditions that persist, we have a good platform for further growth in new business in 2012."

Partnership numbers were up by 6.3% to 1,649 during the period.

NR