SJP profits rise despite £7m FSCS levy

St James's Place (SJP) saw profits rise 23% in 2012 compared with the previous year, thanks in part to higher income from funds under management, which again were a record for the business.

Profit before shareholder tax for the year, on an IFRS basis, was £134.6m, up significantly on the previous year's £109.7m. The key driver of the improvement, SJP said, was higher income from funds under management. During 2012, the average funds under management were more than £31.5bn, and some 14% higher than the prior period. Total funds under management at 31 December 2012, at £34.8 billion, were 22% higher than the start of the year. Profit on an EEV basis, which takes into account expected future earnings on new business agreed during the year, was £365.9m, slightly lower than t...