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Resilient results at SJP

Lloyds-backed distributor St James’s Place made a profit of £363.2m for 2009 on a European embedded value basis after losses of £115.9m in 2008.

However, under international financial reporting standards, profit before shareholder tax dropped to £49.9m last year from £80.7m in 2008.

SJP, which is 60 per cent owned by Lloyds Banking Group, saw funds under management reach £21.4bn, up by 31 per cent on 2008.

artnership numbers increased by 9 per cent to 1,464 and the SJP paid out £190m in partner remuneration last year, up from £176.9m in 2008.

The SJP retail distribution review academy initiative saw 20 advisers graduate last year, and it is now expecting a further intake during this year.
The profit on life business fell to £53.6m from £83.2m.

Chief executive David Bellamy says: “Given the market conditions, I believe 2009 will come to be viewed as one of our most robust performances. Our results in 2009 show that our business proved its resilience and is in really good shape to capitalise on better times whenever they arrive.

“The significant increase in the partner numbers over the last four years provides a solid foundation for the further growth of our business.”

Bellamy says SJP will be launching new funds in April, including an emerging market fund and a global bond fund. Further new funds are being developed to be added to the range later in the year.

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