TIDMSTJ
RNS Number : 6019C
St. James's Place PLC
03 May 2012
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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
3 May 2012
ST. JAMES'S PLACE WEALTH MANAGEMENT
INTERIM MANAGEMENT STATEMENT
FOR THREE MONTHS TO 31 MARCH 2012
ST. JAMES'S PLACE ATTRACTS GBP1.3 BILLION OF NEW FUNDS AS
FUNDS UNDER MANAGEMENT GROW TO A RECORD GBP31.0 BILLION
St. James's Place plc ("SJP"), the wealth management group,
today issues its interim management statement for the three months
ended 31 March 2012.
Highlights for the three months are:
Resilient New Business
-- Total new single investments of GBP1,256 million (2011: GBP1,288 million).
-- Pension single investment of GBP522 million (2011: GBP410 million).
-- Total new business on an Annual Premium Equivalent (APE)
basis of GBP152.6 million (2011: GBP156.7 million).
Growth in Funds under Management
-- Net inflow of funds under management of GBP700 million (2011:
GBP770 million) and continued 95% retention of existing client
funds.
-- Funds under management of GBP31.0 billion, an increase of
GBP2.5 billion in the three month period.
David Bellamy, Chief Executive, commented:
"We are pleased to report another strong performance in what
remains a difficult period for the retail investment market. Whilst
investor confidence remains comparatively low, the breadth of our
investment proposition, together with the growing strength and the
quality of our distribution has enabled us to attract a further
GBP1.3 billion of new funds in the period.
Combined with the performance of our existing funds in the first
quarter, this has given rise to a 9% increase in Funds under
Management to a record GBP31 billion, an increase of GBP2.5 billion
in the three month period.
We continue to maintain 95% retention of existing funds which is
a testament to the attractiveness of our investment proposition and
the unique nature of the relationship our advisers have with their
clients.
Retail investors are naturally sensitive to continued market
uncertainty and consequently remain relatively cautious in their
appetite for investment. Nevertheless, we are confident about the
strength, resilience and predictability of new business flows
delivered by our distinct model and are encouraged by recent trends
in both new business and recruitment activity."
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Enquiries:
David Bellamy, Chief Executive Tel: 020 7514
1963
Andrew Croft, Chief Financial Tel: 020 7514
Officer 1963
Tulchan Communications Tel: 020 7353
Group Ltd 4200
John Sunnucks / Michelle
Clarke
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ST. JAMES'S PLACE GROUP
NEW BUSINESS FIGURES
FIRST QUARTER 2012
TOTAL
LONG TERM SAVINGS
Unaudited
3 Months to
31 March 2012
NEW PREMIUMS 2012 2011 Change
GBP'm GBP'm %
New Regular Premiums
- Pensions 22.1 23.3 (5%)
- Protection 5.0 4.6 9%
27.1 27.9 (3%)
------ ------ -------
New Single Premiums
- Investment 409.9 518.0 (21%)
- Pensions 521.6 410.0 27%
931.5 928.0 0%
------ ------ -------
Unit Trust Sales 324.2 360.3 (10%)
(including PEPs
and ISAs)
NEW BUSINESS 2012 2011 Change
(RP + 1/10(th) SP) GBP'm GBP'm %
Investment 73.4 87.8 (16%)
Pensions 74.2 64.3 15%
Protection 5.0 4.6 9%
Total 152.6 156.7 (3%)
------ ------ -------
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ST. JAMES'S PLACE GROUP
NEW BUSINESS FIGURES
FIRST QUARTER 2012
MANUFACTURED
LONG TERM SAVINGS
Unaudited
3 Months to
31 March 2012
NEW PREMIUMS 2012 2011 Change
GBP'm GBP'm %
New Regular Premiums
- Pensions 17.8 18.3 (3%)
- Protection 0.7 1.3 (46%)
18.5 19.6 (6%)
------ ------ -------
New Single Premiums
- Investment 391.4 506.2 (23%)
- Pensions 466.0 377.0 24%
857.4 883.2 (3%)
------ ------ -------
Unit Trust Sales 324.2 360.3 (10%)
(including PEPs
and ISAs)
NEW BUSINESS 2012 2011 Change
(RP + 1/10(th) SP) GBP'm GBP'm %
Investment 71.6 86.6 (17%)
Pensions 64.4 56.0 15%
Protection 0.7 1.3 (46%)
Total 136.7 143.9 (5%)
------ ------ -------
% of total new business 90% 92%
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ST. JAMES'S PLACE GROUP
NEW BUSINESS FIGURES
FIRST QUARTER 2012
NON MANUFACTURED
LONG TERM SAVINGS
-- Investment premiums of GBP18.5 million (2011: GBP11.9
million), amounting to GBP1.8 million (2011: GBP1.2 million) on an
APE basis.
-- Pension single premiums of GBP55.6 million (2011: GBP32.9
million) and regular premiums of GBP4.3 million (2011: GBP5.0
million), amounting to GBP9.8 million (2011: GBP8.3 million) on an
APE basis.
-- Protection business of GBP4.3 million regular premiums (2011: GBP3.3 million).
-- Total new business, on an APE basis, of GBP15.9 million (2011: GBP12.8 million).
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Commentary
The cautious mood of retail investors seen in the final quarter
of 2011 continued into 2012, as the uncertainty around the economic
recovery and the on-going euro crisis continued to make news
headlines.
Against this backdrop we have continued to attract strong levels
of new investments.
Review of new business
Total new single investments for the quarter were GBP1.26
billion with particularly strong growth in pension investments
which at GBP521.6 million were up 27%.
On the APE measure new business for the quarter was GBP152.6
million with investment business down 16% reflecting a more
cautious appetite among retail investors while pension business was
up 15%.
Our manufactured business during the quarter represented 90% of
total business.
Funds under management
The GBP1.26 billion of new investments together with the
continued strong retention of existing client funds resulted in a
net inflow of GBP700 million compared with GBP770 million in the
same period last year.
Funds under management increased by GBP2.5 billion over the
three months to a new record of GBP31.0 billion.
The table below provides an analysis of the movement in funds
under management for the three months.
Unaudited
3 months to 3 months
31 March 2012 to
31 March
2011
--------------- ----------
GBP' bn GBP' bn
Opening funds under management 28.5 27.0
New money invested 1.3 1.3
Net investment return 1.8 0.2
--------------- ----------
31.6 28.5
Regular income withdrawals
& maturities (0.2) (0.1)
Surrenders & part surrenders (0.4) (0.4)
--------------- ----------
Closing funds under management 31.0 28.0
--------------- ----------
Annualised surrender rate
as a % of average funds
under management 5.4% 5.3%
--------------- ----------
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European Embedded Value (EEV) net asset value
The EEV net asset value per share at 31 March 2012 was around
413 pence (408 pence after the payment of the full year
dividend).
Capital
There have been no material changes to group solvency capital
during the period.
Outlook
Retail investors are naturally sensitive to continued market
uncertainty and consequently remain relatively cautious in their
appetite for investment. Nevertheless, we are confident about the
strength, resilience and predictability of the new business flows
delivered by our distinct model. We are encouraged by recent trends
with March 2012 being a record month for new business.
We believe our business model of face to face advice through our
growing distribution, together with the increasing breadth of our
investment proposition, leaves us well placed for strong growth as
retail investors' confidence recovers.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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