St. James’s Place has reported a £1bn increase in funds under management in the first quarter of 2011.
The firm reported funds under management of £28bn at March 31, 2011, a 4 per cent increase from the start of the year and a 20 per cent increase on the £21.4bn of assets at the end of March 2010.
Total new business rose 18 per cent to stand at £156.7m at the end of the first quarter of 2011, this compares to £133.3m in the first quarter of 2010.
The firm reported a 16 per cent increase in total new single investments, from £1.1bn in Q1, 2010 to £1.3bn in the first quarter of this year.
SJP also reported combined unit trust and Isa investments of £360.3m, up 22 per cent on the £295.6m in the first quarter of last year. Isa business alone rose 28 per cent.
SJP has also announced the appointment of Sir Charles Gregson as chairman. Gregson will become chairman from January 1, 2012. Mike Wilson, co-founder of St. James’s Place will become a life president of St. James’s Place alongside Sir Mark Weinberg and will retire as chairman and as a director of the company on December 31, 2011.