St James's Place assets hit record £31bn

Funds under management at wealth manager St James's Place have hit a record £31bn.

The group said in a first quarter interim management statement that a £700m net inflow of funds under management (FUM) was down on the £770m recorded in the same period last year. However, combined with the performance of existing funds, total FUM increased by £2.5bn in the period to £31bn, a record for the company. Total new business on an annual premium equivalent basis was marginally lower in Q1 2012 compared with last year, at £152.6m. However, pension single investment new business of £522m was up from the £410m in the first three months of 2011.