St James’s Place has seen funds under management increase to £32.8bn as it forecasts exceeding its recruitment targets this year.
The wealth management firm had £26.7bn funds under management at the same time last year. Total net inflows for the first nine months of the year are at £2.26bn, down 9 per cent from £2.47bn last year.
Total new business for the nine months to 30 September increased by 6 per cent from £489.5m to £519.5m.
SJP targets growing partnership numbers by an annual net amount of between 5 and 7 per cent, which it has reached for the last five years. The company says as a result of an increase in recruitment activity since June it is predicting recruitment growth of between 7 and 8 per cent by the end of the year.
SJP chief executive David Bellamy (pictured) says: “I am confident the recent trends in new business and recruitment activity, together with the continued strengthening of our investment proposition, bodes well for the rest of the year and importantly our future growth prospects.”
Bellamy said at the start of this year SJP was targeting “second careerists” and mature students as part of its recruitment drive, following the relaunch of its SJP academy last year.