St James’s Place reports 30% new business rise

St James’s Place has reported a 30% rise in new business from £104.6m to £136.5m in the three months to the end of September.

Funds under management were up 11% during the quarter to £24.8 billion, helped by a £700m net inflow and strong market performance.

The group also saw total single investments of £1.1 billion, a 32% rise on the same quarter last year. It says it continues to retain 95% of clients’ funds. (article continues below)

David Bellamy, chief executive officer, says: “Funds under management have now doubled over the last five years. Although the outlook was uncertain earlier in the year, 2010 is proving to be a very successful year. While we are up against tougher comparatives in the short term we remain confident in our ability to deliver average new business growth within our 15-20% per annum range over the medium term.”