The number of advisers employed by St James’s Place has grown 10.3 per cent, to 2,835, over the last year as funds under management passed the £50bn mark, the firm’s new business update shows.
Advisers numbers have been boosted by the firm’s Asian acquisitions and students graduating from the Academy training programme, as well as hiring established advisers, SJP says.
Unaudited figures show funds under management grew 17 per cent over the last 12 months, from £44.3bn to £52bn, and that the firm picked up 50,000 new clients over the year.
Net inflow of funds under management rose 20 per cent, from £4.23bn in 2013 to £5.09bn in 2014, while retention of existing clients’ assets is at 96 per cent.
New investment, pension and protection business grew 17 per cent on an APE basis, from £762.9m to £895.6m
New third party business – including group personal pensions, annuities and Sipps – is up 1 per cent from £591.1m to £598.1m.
The note adds the board still plans to raise the full year dividend by 40 per cent.
SJP chief executive David Bellamy says: “I am delighted to report another record year of new investments. These results, together with the continued strong retention of our client funds and positive investment returns, saw our funds under management increase by £7.7bn to a record £52bn.
“We attracted over 50,000 new clients in the year and our record on retention underpins our belief that, as well as the positive investment returns and the individual advice they can rely on, clients value the human relationship and highly personal interaction that our proposition delivers. This is evidenced by the consistency of our growth in recent years with funds under management growing by a compound 19 per cent for both the last 5 year and 10 year periods.”