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St. James’s Place sees profits slow

St.James Place says it still expects long-term growth targets for new business to stay at 15 to 20 per cent per annum despite a 5 per cent loss in group operating profits.

The half yearly figures show a profit of £114.2m, down from £120.7m in 2007, meanwhile new business profits of £65.3m were down from £71.5m 12 months ago.

Total single investments remained static at £1.7bn, while funds under management saw a marginal fall from £17.3bn in 2007 to £17.2bn in 2008.

SJP chairman Mike Wilson says: “Despite the challenging market conditions we have shown our resilience with continued growth in new business, strong retention of funds under management and an increase in the size of the Partnership.

“We continue to be convinced of our adviser-based approach to wealth management. There is a growing demand for advice and we continue to believe that the strength, quality and growth of our own dedicated team of advisers give us a major competitive advantage.

“If current market conditions continue, we anticipate new business growth in the second half of the year to be broadly similar to the first half.”

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