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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.”

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