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SJP new business up 16 per cent in 2013

St James’s Place has reported a 16 per cent jump in new business for 2013 from £743.3m to £865.2m.

The company published its new business update for the year to the end of December last week. 

Total new single investments reached £7.2bn, up 22 per cent on the £5.9bn reported a year earlier.

Net inflow of funds under management stood at £4.3bn last year, up 28 per cent on the £3.3bn reported a year earlier.

Funds under management stood at £44.3bn at the end of last year, up 27 per cent from £34.8bn.

SJP increased its adviser numbers 9.5 per cent from 1,800 to 1,958.

SJP chief executive David Bellamy says: “I am confident the growth we achieved in 2013 in both new investments and partner numbers bodes well for the continued momentum in our business.”

He adds the firm expects to add around 100 more advisers this year. He says: “5 to 6 per cent growth a year is what we will seek to achieve going forward. If you look back at the last year or two we have had a better recruitment experience. That was due to dislocation in the market, regulatory burden, banks pulling out of the mass-affluent market and some of the adviser network failures.”

Derbyshire Booth managing director Greg Heath says: “There is a risk of a McDonalds effect insofar as there is a strong marketing pull to join but it may be style over substance. SJP has thrived post-RDR but I think its proposition could be a bit more transparent.”

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