View more on these topics

St James’s Place profits dip 11%

St James’s Place have reported an 11 per cent dip in profits for the first half from £114m last year to £101m for the first six months of 2009.

Opening funds under management were also down 10 per cent from £18.2bn for the first half of 2008 to £16.3bn for the same period of 2009.

New business profits also fell 6 per cent to £61.3m from £65.3m in 2008.

The firm is also making some changes to its range of funds and managers which will come into force in September.

John Wood of JO Hambro Capital Management, based in the UK, and Peg McGetrick of Liberty Square Asset Management, based in Boston, will manage the UK and general unit trust, whilst Stuart Mitchell of SVM Capital, based in London, and Kenneth Broekaert of Burgundy Asset Management, based in Toronto, will manage our greater European unit trust.

SJP says it is planning to further expand its fund range and number of managers in 2010.

The firm says it may have to write off an £8.6m deferred tax asset that it had hoped to be able to use to offset future corporation tax because of Budget changes.

Chief executive David Bellamy says: “In the short term we continue to see a difficult economic climate for all wealth management businesses.

“However, in the first six months our business has again demonstrated its resilience, evidenced by our clients investing £1.5bn and the continued exceptionally strong retention of existing clients’ funds. These factors gave rise to a 25 per cent increase in the net inflow of funds under management.”

He adds: “Looking to the longer term the size of the partnership has increased by 20 per cent since the beginning of 2007, which puts us in a very strong position to resume growth in our new business once market conditions improve, in line with our longer term growth target of 15-20 per cent per annum.”

Recommended

Claire Barker

Claire Barker is getting used to acting as a spokesperson on the equity-release business. “It is something I have really enjoyed so far. It is really important that we do get our message out so I am very happy to come out and talk to people and push the message that we are here and ready to do business and will do it in a sensible way.”

3

Rock shareholders lose review bid

Former shareholders in Northern Rock had their appeal for a judicial review seeking compensation from the Government rejected by the Court of Appeal on Tuesday.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com