ISA and pensions reforms push SJP assets past £55bn

Assets under management at wealth manager St. James's Place (SJP) have passed the £55bn mark as pensions and ISA flows offset a drop in other investment business.

In its first quarter statement, the firm said it now holds £55.8bn in client funds, up from £45.8bn during the comparable period last year. AUM has risen 7% since the start of 2015, with net inflows 9% higher year on year at £1.3bn, according to the company. New business for the quarter stood at £232.2m, up 13% year on year, with total new single investments of £2.0bn, up 11%. The company said these flows had been driven by "particularly strong growth in unit trust, ISA and pensions business, as our clients took encouragement by way of the higher ISA savings limits and the introduc...