St James’s Place has seen its sales grow by 28 per cent in the first nine months of the year and says it is on track to beat its staff target for the year.
Sales have increased to £315.4m, with investment business up by 31 per cent to £176.8m and pension business up by 32 per cent to £124.0m but protection sales are down by13 per cent to £14.6m.
The firm says it remains committed to growing its pension and investment business and says it is putting less of a focus on protection and transactional sales as these are not as profitable.
Funds under management have grown by 14 per cent to £17.6bn since the start of the year.
Chairman Mike Wilson says: “We are delighted with the continued growth in new business, which is up by 20 per cent in the third quarter and 28 per cent for the year.
“The size of the partnership is particularly pleasing and we now expect to exceed our stated target of a 5 per cent increase for the full year, which bodes well for the future.
“Despite uncertain mar-ket conditions and a tough new business comparative for the final quarter of the year, a strong third-quarter performance reinforces our expectation, subject to no major change in circumstances, that new business growth for the year will be at the top end of our longer-term objective of 15-20 per cent growth a year.”