SJP assets near £40bn as sales rise 31%

Assets under management at wealth manager St James's Place were up £4.2bn to a record £39bn, according to the group's interim results.

In Q1, total new investments of £1.6bn were recorded, an increase of 28%. Total new business on an annual premium equivalent basis was £199.2m, up 31%. The group reported net inflows of £947m (2012: £698m) and continued a 95% retention of existing client funds. Total funds under management of £39bn represented an increase of £4.2bn in the three month period, up 12% year-to-date and 26% over the last 12 months. Investment premiums were up from £18.5m in the same period last year to £32.8m in the three months to the end of March. Meanwhile, single pension premiums were up to £90.1m,...