St James’s Place boss targets FTSE 100 after stunning results

BOSS

BOSS of wealth manager St James’s Place yesterday said it would be a “great endorsement” of his company’s business model if it could snare a FTSE 100 spot in the near future.

David Bellamy told City A.M. that it would be fantastic to reach the top of the British corporate world with such a “boringly simple” business model.

The company’s shares yesterday closed at a record high of 549p, giving a market cap of £2.8bn – at the top end of the FTSE 250.

Earlier the company, part-owned by Lloyds Banking Group, unveiled another quarter of impressive growth as well-heeled customers flocked to use its services.

New business sales for the first three months of 2013 were £199.2m, an increase of 31 per cent. Meanwhile total funds under management hit £39bn, up by a quarter over the last year.

“Shareholders can see that the business put on five or six years ago is coming into the cash generative phase,” explained Bellamy. “There have been a lot of people moving out of the advice space and we’re staying here. The most important thing is that we focus on clients.”