FTSE250 wealth management firm St James's Place plc (LSE: STJ) reported a 57% increase in new single investments in the last three months, with total new single investments reaching £1.1bn in the first quarter (Q109: £711m).
For the quarter ended 31st March 2010, the Fund manager reported 42% increase in total new business on an Annual Premium Equivalent (APE) basis of £133.3m (Q109: £93.8m). St James's Place also reported an 84% increase in combined unit trust and ISA investments which reached £295.6m (Q109: £160.7m), with ISA business up 102% in the quarter.
"We're naturally delighted with these new business results”, St James's Place Chief Executive David Bellamy commented. “Against an improving market backdrop, we've delivered a very strong all round performance ... [the business] is in excellent shape and we remain optimistic about the future".
In the year to date, funds under management were up 9% at £23.3bn, reflecting a 52% increase over the past 12 months. The company’s funds under management saw a net inflow of £700 million during the period.
St James's Place seeing strong increase in new investments as market improves
Published: 12:49 21 Apr 2010 BST