St James’s Place has reported a jump in new business levels of 46 per cent in the last three months of 2012 to £223.8m compared to £152.8m for the same period in 2011.
Net inflow of funds under management rose 47 per cent in the three months to 31 December from £0.74bn in 2011 to £1.09bn. Total funds under management as at the end of last year stood at £34.8bn, up 22 per cent from £28.5m the previous year.
Over the year total single investments business rose 13 per cent from £5.2bn to £5.87bn. New business went up 16 per cent from £642.3m to £743.3m.
The number of SJP partners rose by over 8 per cent over the year from 1,649 to 1,788.
SJP chief executive David Bellamy says: “Whilst market conditions remained challenging for much of 2012, we were pleased to attract £5.9bn of new investments during the year.
“We enter the year well positioned for the new RDR environment, with around 2,000 people fully qualified to the new diploma level. Recruitment activity remains buoyant and we have good momentum across all aspects of the business.”
He adds: “We are confident our approach of face to face advice, provided by a trusted adviser, and a sound investment proposition positions us well for growth in new business, in line with our objectives, in 2013 and beyond.”
Last month SJP set out its post-RDR charging structure which will see clients charged an initial fee of 4.5 per cent for bonds and 5 per cent for unit trusts, for advice and fund management, with an ongoing charge of between 2.1 per cent and 2.3 per cent. SJP partners will receive 3 per cent from the initial charge and 0.5 per cent ongoing.