Funds up at St James’s Place

WEALTH manager St James’s Place was a haven for investors in the past six months as they ploughed more than £2.7bn of new money into its funds, it said yesterday.

Record inflows of new business and loyalty from current clients pushed its total funds under management to £29.1bn by the end of June, 30 per cent higher than in June 2010.

Its chief executive David Bellamy shrugged off the tough economic climate and said the firm would be recruiting new fund managers later in the year.

“The results were particularly pleasing given the current economic environment, sovereign debt concerns and fragile stock markets,” he said in a statement. “We continue to attract new funds from both new and existing clients.”

New business inflows at the private client manager were 15 per cent up on the first of 2010 and were also generating more profits, as new business profits were up 27 per cent at £127.7m. It also hiked its interim dividend by 58 per cent.

Analysts said the results were in line with expectations, but cautioned that the firm’s share price was hampered by low liquidity as it is 60 per cent owned by Lloyds Bank.