SJP profits rise after record sales quarter

Profits at wealth manager St James's Place (SJP) rose in the first six months of the year, helped in part by a record quarter for new business.

Profit before shareholder tax increased 7% during the six months, to £58.9m from £55.3m in the corresponding period last year. The group said operating profits on a European Embedded Value basis fell to £167.8m from £183.6 million, reflecting the low interest rate environment. The positive figures were helped by a record second quarter for new business, which rose 13% on an annual premium equivalent basis (APE) basis. Over the first six months of this year, total APE was up 5%. Meanwhile, funds under management rose 8% in the period, it said. SJP said it is continuing to attract ne...