St. James’s Place has seen its funds under management jump by £5.6bn in 2010 to reach a record high of £27bn.
The wealth manager has also reported a 32 per cent rise in total new business on an annual premium equivalent basis in 2010.
Total new business for 2010 stood at £581.8m, up from the £440.8m in 2009. Total single investments also rose by 37 per cent from £3.4bn to £4.75bn. The group says manufactured business accounted for 91 per cent of new business.
Net inflows of funds under management rose 30 per cent to £3bn in 2010, up from £2.3bn in 2009. SJP says its partnership numbers rose 6 per cent in 2010 to stand at 1,552.
SJP chief executive David Bellamy says: ““I am extremely pleased to report another year of record new business for St. James’s Place, including a strong final quarter. New investments of £4.75 billion coupled with the excellent retention of existing client funds and further growth in stock markets, have resulted in funds under management reaching an all time high of £27 billion.
“We remain committed to recruiting only the highest quality advisers into the Partnership, while ensuring that we are able to offer a best in class investment proposition for clients. We believe this focused approach will enable us to maintain momentum in our business and provide a good platform to deliver 15-20 per cent per annum new business growth over the medium term.”