View more on these topics

Isa boom pushes SJP to record funds under management

Funds under management at St James’s Place Wealth Management hit a record high at £49.1bn boosted by a 50 per cent jump in new Isa investments.

The firm’s quarterly business statement shows total funds grew 17 per cent year-on-year, from £41.8bn to £49.1bn. New business on an APE basis was up 18 per cent in the three months to the end of September, from £179.9m to £212.6m.

New single investments rose 19 per cent year-on-year to £1.8bn from £1.5bn in the same period in 2013.

Net inflows of funds under management also increased in Q3, up 23 per cent on last year – from £1.03bn to £1.27bn.

Chief executive David Bellamy says clients are taking advantage of higher Isa limits introduced in the summer.

In the March Budget Chancellor George Osborne announced the annual limit on ISAs would increase to £15,000 after 1 July.

Bellamy says: “I am very pleased to report that the strong momentum in our business continued into the third quarter, with growth in new business buoyed by a 50 per cent increase in new Isa investments, as clients took the opportunity to capitalise on the higher limits introduced on 1 July.

“This growth, coupled with the consistently high retention of our existing client funds, saw net inflows increase by 23 per cent to £1.3bn in the quarter, bringing our total funds under management to a record £49.1bn.”

Bellamy adds the firm expects “continued growth” as a result of the “increasing freedoms and responsibility individuals have for their own affairs” as a result of the Budget pension reforms.

However, SJP’s new third party sales fell by 20 per cent during the quarter – dropping from £150.3m in Q3 2013 to £120.4m.

This includes group services relating to personal pension schemes, annuities and Sipps.


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  1. Rt Hon Sir Arthur Streeb-Greebling 30th October 2014 at 12:05 pm

    When the ICAEW allows their member Firms to become apponted reresentatives of SJP and to send SJP reps to gullible clients who think their accountant is giving independent advive, then no wonder!

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm