Stock markets may be lifeless and investors nervous — but that didn’t stop upmarket clients of St James’s Place funnelling away money.
The wealth manager, which sells products to people with at least £100,000 to invest, today said new business sales had risen by 8% to £165.6 million in the three months to September 30.
Overall funds under management grew 6% to £32.8 billion, bucking a trend that has seen many rivals suffer as cash-strapped clients withdraw money. Chief executive David Bellamy said the growth in sales was driven by the company’s network of 1600 partners, who sell the products face-to-face.
“During recent months, world stock markets have proved less volatile and this has helped to drive an improvement in the confidence of retail investors,” he added.
“The growing tax burden, low interest rates and increasing life expectancy all increase the need for people to seek advice regarding their long term financial future. Our strategy of focusing on trusted face to face advice has a very strong role to play.”
