Update: SJP shares up 5% on profit growth

Shares in wealth management group St James's Place (SJP) rose almost 5% in early trading on Wednesday, after it reported a near-30% rise in profits last year despite a negative contribution from its distribution business.

The vertically integrated company, which entered the FTSE 100 in 2014 and is set to roll out a current account facility in partnership with Metro Bank this year, reported an increase in operating profits to £596m from £463m in 2013. The result, on an EEV basis, was helped by a 17% increase in funds under management to £52bn, with some 52,000 new clients placing £7.8bn of investments last year. Shares in the group were up more than 40 points, or 4.7%, to 934p, in early trading on 25 February. Underlying profit before shareholder tax was lower - at £174m compared with £182m in 2013 -...