Profits up at St James’s Place

St James Place designed by Scott Brownrigg, Cirencester, Gloucester, UK.

Cirencester-headquartered wealth management group St James’s Place has reported a rise in profits of 27 per cent in its half year report, released today.

Net inflow of funds is up 21 per cent, to £5.2 billion and client retention remains strong at 96 per cent.

Group funds under management are now £96.6 billion, up 16 per cent over the last twelve months and the total number of advisers has risen by four per cent, standing at 3,810.

The company has also launched an international discretionary fund management service in Hong Kong.

Andrew Croft, who took over from David Bellamy as Chief Executive of St James’s Place in January, said: “Following last year’s exceptional growth, I am delighted to report continued strong growth across all key areas of our business.

“Naturally, this strong new business performance is reflected in the Group’s financial performance, with growth in all our financial KPIs for the half year. Of particular note was the strong growth in the underlying cash result, up 20 per cent to £147.1 million.”

Andrew added: “We have a strong balance sheet and the knowledge of a growing income from our existing business both of which underpin the growing return to shareholders as shown by the 20% increase in the interim dividend.”

The company has highlighted the fact that there are not enough qualified individuals to meet a growing demand for advisers. In 2012 the company launched its first academy to help develop the next generation of financial advisers. It has since launched academies in Manchester, Solihull and Edinburgh. The company has reported that it plans to boost investment in its academies.

There have also been changes at director level. David Lamb, Managing Director of Investments will retire as a board director early next year. Robert Gardner will join the Executive Board of the Company as Director of Investment Management in January 2019 from Redington Ltd, a company he co-founded and which provides St James’s Place with a range of investment consultancy services.

Andrew said: “I thank David Lamb for his exceptional contribution to St. James’s Place over many years. He has been an outstanding colleague. I am delighted to welcome Robert Gardner, who has worked closely with St. James’s Place for some time. I am confident he will make an excellent addition to our Executive Board.”