Assets jump to record £31bn at St James’s
ST JAMES’S Place yesterday overcame lingering fears over the Eurozone to post a record level of funds under management.
The wealth manager, 60 per cent owned by Lloyds Banking Group, said assets rose nine per cent to £31bn during the first quarter of this year, due in part to the performance of its existing funds.
Chief executive David Bellamy said retail clients were still “relatively cautious” in their taste for investment as total new business on an annual premium equivalent (APE) basis fell 2.6 per cent to £152.6m from the same period last year.
“It’s been a good first quarter with the one caveat being the markets are a little challenging and volatile and that makes investors a little bit nervous and it just takes a bit longer,” Bellamy said.
Strong retention of existing client funds and £1.26bn of new investments led to a net inflow of £700m to its funds, though this was slower than the £770m in the same period last year, the company said.
James Pearce at UBS said: “Falling sales make tough reading for a company on a premium rating, particularly with Lloyds’ 60 per cent shareholding… However, in our view SJP has the most sustainable business model in the UK.”