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SJP funds under management grow 12% in Q1 to £39bn

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St James’s Place has seen funds under management jump 12 per cent in the first three months of the year and 26 per cent over 12 months to reach £39bn.

In its interim management statement, published today, the firm reported a 36 per cent increase in net inflows in Q1 of £947m, compared to £698m in 2012.

It reported a 28 per cent increase in total new investments to £1.6bn, compared to £1.3bn in 2012.

St James’s Place chief executive David Bellamy says: “I am very pleased to be reporting another quarter of strong growth in new investments, which combined with positive equity markets, and specifically the performance of our client funds, has seen our funds under management increase by £4.2bn to £39bn.”

Bellamy says the growth was driven by improved investor sentiment, a sustained low interest environment, client satisfaction and growth in adviser numbers.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. James Worthington 25th April 2013 at 9:09 am

    Posting before the rest of the unemployed IFA’s start complaining that the FCA should investigate such figures. There comes a time that you have to agree that the business model works, the partners are doing a grand job and the charges must be acceptable.

  2. Anon @ 9.09am

    You are absolutely right !

    As an adviser who’s been around for 30 odd years and relying on existing clients almost exclusively, Direct Sales (because that is what it is) is one of the engines of this industry it’s absolutely essential (even if you don’t like it). When Weinberg set up Abbey Life in the 60’s it was a revelation and changed this industry completely. It made the ordinary man save where he previously didn’t and that is precisely what the industry needs so desperately now. Although I hate to admit it Weinberg particularly was perhaps the single most innovative individual this industry has seen. SJP is just the latest incarnation.

    All the ‘johnnie come latelys’ and fee based wealth advisers waiting for the queue outside their door because they are cheaper will be waiting a very long time. The only people fascinated with price are the advisers who haven’t worked it out yet – SJP today, Hargreaves Lansdown and the banks earlier.

    A little tip if you build it they wont come ! You’ll have to go and find them which is pretty much what SJP and its older cousins did/do. Then its market forces that decide and if the market decides on SJP that’s economics and a free unfettered market at work

    Its also why RDR is doomed !

    By the way

  3. Oh and exactly why and how has this been achieved? Well the why was SJP buying out lots of those selling up and retiring as RDR approached ,nothing wrong with that per SE. The how is more interesting, effectively SJP are then moving all the clients on o their platform wherever possible,some would call this churning as many of he clients will have perfectly adequate plans that do not need to be moved.So given the FSA view on IFA’s who did exactly the same why would the FCA not be investigating SJP for the same (and they cannot even offer a choice of platform/ wrap? I do not know the answer in the same way I do not know how for years SJP and their tied predecessors managed to get referrals from solicitors despite the law society precluding it? Perhaps its by the use of (very clever) marketing which never mentions they are tied/restricted but always manages to get he word ‘Independent’ in to the literature.I am all for competition and SJP are not an issue for me as they have been the source of a number of clients over the years ,when they finally worked out their sky high charges,but I do not understand why they appear to be treated as a special case by the regulators?

  4. The RDR was meant to fous on advice and not benefit the SJP model.

    Fact is, they have withstood the regulatory stranglehold and have given their clients what they want.

    They look for clients (prospecting as us old farts call it) and then sell them the benefits of their products.

    Surely, once and for all, this kills off the hype, spin and tosh that the RDR has improved the consumers lot. Advisers are leaving in droves, former independents are having to go ‘restricted’ and former regulators are picking up non-exec directorships and fat cheques.

    In some countries the instigators would be against the wall.

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