St James’s Place share price: first quarter results released
St. James’s Place Plc (LON:STJ) updated investors with its first quarter performance today. Following are the highlights of the company’s statement.
**Highlights from St. James’s Place’ statement:**
STRONG FIRST QUARTER TAKES
FUNDS UNDER MANAGEMENT TO £55.8 BILLION
St. James’s Place plc (“SJP”), the wealth management group, today issues its interim management statement for the three months ended 31 March 2015.
• New business on an APE basis of £232.2 million (2014: £205.4 million) – up 13%
• Total new single investments of £2.0 billion (2014: £1.8 billion ) – up 11%
• Continued strong retention of clientfunds – 96%
• Net inflow of funds under management of £1.30 billion (2014: £1.19 billion) – up 9%
• Funds under management of £55.8 billion (2014: £45.8 billion) – up 22% over 12 months and 7% since the beginning of the year
David Bellamy, Chief Executive, commented:
“I am pleased to report a strong first quarter with new investments of £2 billion and continuing high retention of our clients’ existing funds, taking our funds under management to £55.8 billion, up 7% since the beginning of the year.
During the period we received feedback from 47,000 clients who responded to our annual Wealth Account Client Survey. The majority told us that that their highest priority is ensuring they have enough to live on in retirement. They also want to be able to enjoy retirement without worrying about financial matters and have sufficient funds to pay for their long term care, should they need it in the future. This survey reinforces our experience that people keep their money invested as long as possible, contributing to our strong retention of funds under management. It further suggests that individuals understand the need to save and are unlikely to disturb their retirement plans following the introduction of the new rules.
People face an increasingly complex range of decisions when considering how to manage their wealth. Irrespective of any changes that may result from the impending General Election, our Partners will continue to play an important role in helping them to fully understand their options, now and in the future, to achieve their financial objectives.
Consequently, there has rarely been a greater need for advice which is why I remain confident that if we continue to focus on achieving the best possible outcomes for our clients, through the provision of sound personal advice, a reliable ongoing service and our distinctive approach to the management of their wealth, we will continue to grow our business in line with our objectives, in 2015 and beyond.”
**MORE TO FOLLOW…**
As of 07:07 BST, Tuesday, 28 April, St. James’s Place plc share price is 906.50p.