St James's Place boosted by new clients

Wealth manager St James's Place outpaced market expectations for growth in new business in the three months to the end of September, with strengthening markets bolstering sales.

The company's most closely followed measure of new business, a combination of regular and single premiums, saw a 30 per cent increase over the period to £136.5m compared with forecasts of around £126m.

Funds under management were up 11 per cent during the quarter, boosted by a £700m net inflow and strong stock markets, reaching a total of £24.8bn.

"Although the outlook was uncertain earlier in the year, 2010 is proving to be a very successful year for St James's Place... we remain confident in our ability to deliver average new business growth within our 15-20 percent per annum range over the medium term," the company said in a statement.