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SJP new business up 23 per cent

St James’s Place saw new business figures increase 23 per cent last year from £349.1m to £428.6m.

This was across all investment, pensions and protection business for the year ended December 31, 2007.

New investment premiums increased 27 per cent from £186.5m to £236.0m and pensions business increased 23 per cent from £140.1m to £172.3m.

The tied wealth management group’s protection sales dropped 10 per cent from £22.5m to £20.3m.

It says its own manufactured business on an APE basis constituted 87 per cent of the total reported business figures.

Chairman Mike Wilson says he was pleased with 23 per cent growth in spite of difficult market conditions and maintains annual growth targets over the next year of 15-20 per cent.

SJP adviser numbers have grown 8 per cent during the year, to 1,251, its highest growth since 1999.

He says: “A particular highlight was total new single investments of £3.4bn, up 28 per cent. Despite continued market uncertainty there remains a growing demand for advice and we are very well positioned to capitalise on this.

“We believe that the strength, quality and the increase in size of our team of advisers, the St. James’s Place Partnership, gives us a major competitive advantage in the UK wealth management market.”

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