St James's Place pulls in new funds as markets improve

Wealth manager St James's Place posted first quarter sales that comfortably exceeding forecasts as robust markets attracted more funds to its investment business.

The company today said its most closely followed measure of new business, a combination of regular and single premiums, was up 42% from a year earlier at £133.3 million. Deutsche Bank analysts had expected a 30% increase in sales from a year earlier to £122 million.

Funds under management stood at £23.3 billion, a 9% increase over the year to date and up by 52% over 12 months.

Outlook for the business remains strong, management said, amid improving economic conditions and strengthening equity markets.

Much of the strength of first quarter performance can be attributed to the investment business. Sales of tax-free individual savings accounts more than doubled from a year earlier.