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SJP Q1 net sales drop 4.9 per cent

Lloyds backed wealth manager St James Place reported a 4.9 per cent decline in Q1 net sales to £93.8m for the three months ending March 31, from £98.7m a year earlier.

Funds under management of £15.3bn saw a 6 per cent fall for the year to date with unit trust and Isa investments totalling £160.7m, up from £158.2m a year earlier. Retention of funds under management maintained at 95 per cent.

Pensions new business of £46.4m was up from £43.5m in 2008.

Total single net inflows were £711m compared with £759m a year before.

Chief executive David Bellamy says: “Looking forward, while the short term outlook for our business remains challenging, the fundamentals remain the same. We have a strong business, quality advisers want to join us and there are more people than ever who need advice. This is why we continue to be optimistic about our medium to long term growth prospects.”


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