TIDMSTJ
RNS Number : 8058C
St. James's Place PLC
22 January 2015
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ST. JAMES'S PLACE plc
27 St. James's Place, London SW1A 1NR
Telephone 020 7493 8111 Facsimile 020 7493 2382
PRESS RELEASE
22 January 2015
ST. JAMES'S PLACE WEALTH MANAGEMENT
FUNDS UNDER MANAGEMENT INCREASE TO A RECORD GBP52 BILLION
St. James's Place plc ("SJP"), the wealth management group,
today issues its new business update for the twelve months ended 31
December 2014.
Highlights:
-- Total new single investments of GBP7.8 billion (2013: GBP6.6
billion) - up 18%
-- Retention of clients existing funds under management at
96%
-- Net inflow of funds under management of GBP5.09 billion
(2013: GBP4.23 billion) - up 20%
-- Funds under management of GBP52 billion (2013: GBP44.3
billion) - up 17%
-- SJP new business on an APE basis of GBP895.6 million (2013:
GBP762.9 million) - up 17%
-- Partnership numbers up 8.9% to 2,132 (including new Partners
in Asia)
-- Total number of qualified advisers up 10.3% to 2,835
David Bellamy, Chief Executive, commented:
"I am delighted to report another record year of new
investments. These results, together with the continued strong
retention of our client funds and positive investment returns, saw
our funds under management increase by GBP7.7 billion to a record
GBP52 billion.
We attracted over 50,000 new clients in the year and our record
on retention underpins our belief that, as well as the positive
investment returns and the individual advice they can rely on,
clients value the human relationship and highly personal
interaction that our proposition delivers. This is evidenced by the
consistency of our growth in recent years with funds under
management growing by a compound 19% pa for both the last 5 year
and 10 year periods.
I'm also pleased to report that through the continued
acquisition of established advisers, the integration of our
acquisition in Asia and Academy students graduating in the year, we
start 2015 with 10% more qualified advisers in the St. James's
Place Partnership, which bodes well for the future.
Despite the uncertainty that markets face in 2015, the momentum
of our business, coupled with the increasing need for professional
financial advice, reinforces our confidence in the future growth
opportunities."
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The details of the announcement are attached.
Enquiries:
David Bellamy, Chief Executive Tel: 020 7514 1963
Officer
Andrew Croft, Chief Financial Tel: 020 7514 1963
Officer
Tony Dunk, Investor Relations Tel: 020 7514 1963
Director
Bell Pottinger Tel: 020 3772 2566
John Sunnucks & Ben Woodford
Contents
1. Funds under management
2. SJP new business
3. Third party new business
4. Capital and dividend
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1. Funds under Management
During the fourth quarter of 2014 we have once again seen a net
inflow of funds under management which, at GBP1.38 billion (2013:
GBP1.21 billion), brings the total net inflow for the year to date
to GBP5.09 billion (2013: GBP4.23 billion), up 20%.
Given this strong net inflow, total funds under management
increased to GBP52 billion.
Unaudited Unaudited
3 Months to 12 Months to
31 December 31 December
2014 2013 2014 2013
GBP'BN GBP'BN GBP'BN GBP'BN
Opening funds under management 49.1 41.8 44.3 34.8
New money invested* 2.1 1.9 7.9 6.8
Net investment return 1.5 1.2 2.6 5.2
Regular income withdrawals and maturities (0.2) (0.2) (0.9) (0.7)
Surrenders and part surrenders (0.5) (0.4) (1.9) (1.8)
------- ------- ------- -------
Closing funds under management 52.0 44.3 52.0 44.3
------- ------- ------- -------
Net inflows 1.38 1.21 5.09 4.23
======= ======= ======= =======
Implied surrender rate as a percentage of average funds under management 4.0% 4.7%
======= =======
* Includes gross new single investments together with the
current year contributions in respect of regular investments
plans
Analysis of Funds under Management
The following table provides an analysis of the funds under
management at 31 December:
31 December 31 December
2014 2013
GBP'BN % of GBP'BN % of
total total
UK Equities 14.9 29% 13.3 30%
North American Equities 10.4 20% 8.4 19%
Fixed Interest 7.1 14% 6.1 14%
European Equities 6.0 11% 5.0 11%
Asia & Pacific Equities 4.8 9% 3.9 9%
Cash 4.4 8% 3.6 8%
Property 1.5 3% 1.1 2%
Alternative Investments 0.9 2% 1.3 3%
Other 2.0 4% 1.6 4%
Total 52.0 100% 44.3 100%
======= ======= ======= =======
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2. SJP New Business
Unaudited Unaudited
3 Months to 12 Months
31 December to
31 December
2014 2013 2014 2013
GBP'M GBP'M GBP'M GBP'M
New single investments
Investment 649.1 702.3 2,449.9 2,314.4
Pension 609.5 537.0 2,187.4 1,964.4
Unit Trust and
ISA 754.0 568.5 3,126.1 2,300.2
-------- -------- -------- --------
2,012.6 1,807.8 +11% 7,763.4 6,579.0 +18%
-------- -------- -------- --------
New annualised
regular investments
Investment 5.3 4.8 18.0 16.5
Pension 28.0 22.8 99.0 86.1
Protection 0.6 0.7 2.3 2.4
-------- -------- -------- --------
33.9 28.3 +20% 119.3 105.0 +14%
-------- -------- -------- --------
Total new business
(APE)*
Investment 145.6 131.9 575.6 478.0
Pension 88.9 76.5 317.7 282.5
Protection 0.6 0.7 2.3 2.4
-------- -------- -------- --------
235.1 209.1 +12% 895.6 762.9 +17%
-------- -------- -------- --------
*Calculated as 1/10(th) single investments plus the annualised
regular investments
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3. Third Party New Business
In addition to SJP new business, the Partnership also advises on
the products and services of a number of selected third party
providers.
-- Investment into various schemes (eg VCT and EIS etc)
-- Pensions: Group Personal Pension Schemes, Annuities and
SIPPs
-- Protection and general insurance
For the three month period to 31 December 2014, the total third
party single new business was GBP143.6 million (2013: GBP145.7
million) and total annualised new regular business was GBP15.2
million (2013: GBP11.1 million).
For the twelve month period to 31 December 2014, the total third
party single new business was GBP598.1 million (2013: GBP591.1
million) and total annualised new regular business was GBP51.8
million (2013: GBP43.2 million).
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4. Capital and Dividend
Capital
There have been no material changes to solvency capital during
the final quarter. The investment policy for non-linked assets
remains on a prudent basis, with no exposure to equity investments:
non-linked liabilities are matched by government backed gilts and
bonds, and surplus assets are invested in AAA rated money market
funds.
Dividend
As stated at the time of our half year results announcement, the
Board expects to increase the full year dividend by 40% and this
remains our intention.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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