Assets under management at St James’s Place leapt by a fifth in the first quarter of this year.
SJP, which is 60 per cent owned by Lloyds Banking Group, saw funds under management reach £28bn at March 31, up by 20 per cent on £21.4bn in March 2010. Total new business rose by 18 per cent to £156.7m from £133.3m.
SJP has appointed Charles Gregson as its next chairman. He joined the SJP board as a non-executive director in January 2010 and will become non-executive chairman from January 1, 2012.
Gregson replaces SJP co-founder Mike Wilson, who will become life president of the firm alongside co-founder Sir Mark Weinberg. Wilson will step down as chairman and a director of the company on December 31.
Chief executive David Bellamy says: “We are pleased with these results as they continue in line with our objective to grow the business by 15 to 20 per cent over the medium term.”