TIDMSTJ
RNS Number : 6297V
St. James's Place PLC
30 October 2014
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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
30 October 2014
ST. JAMES'S PLACE WEALTH MANAGEMENT
STRONG MOMENTUM CONTINUES WITH 23% INCREASE IN NET INFLOWS
TAKING FUNDS UNDER MANAGEMENT TO GBP49.1 BILLION
St. James's Place plc ("SJP"), the wealth management group,
today issues its new business statement for the three months ended
30 September 2014.
Highlights:
-- Total new single investments of GBP1.8 billion in the quarter
(2013: GBP1.5 billion) up 19% and 21% over the nine months to
GBP5.8 billion (2013: GBP4.8 billion)
-- Net inflow of funds under management of GBP1.27 billion
(2013: GBP1.03 billion) - up 23% in quarter and 23% over nine
months at GBP3.71 billion (2013: GBP3.02 billion)
-- SJP new business on an APE basis of GBP212.6 million in the
quarter (2013: GBP179.9 million) up 18% and 19% over the nine
months to GBP660.5 million (2013: GBP553.8 million)
-- Continued strong retention of clients' funds under management
- 95%
-- Funds under management of GBP49.1 billion (2013: GBP41.8
billion) - up 17% over 12 months and 11% since the beginning of the
year.
David Bellamy, Chief Executive, commented:
"I am very pleased to report that the strong momentum in our
business continued into the third quarter, with growth in new
business buoyed by a 50% increase in new ISA investments, as
clients took the opportunity to capitalise on the higher limits
introduced on 1 July. This growth, coupled with the consistently
high retention of our existing client funds, saw net inflows
increase by 23% to GBP1.3 billion in the quarter, bringing our
total funds under management to a record GBP49.1 billion. After
nine months the growth in new investments, to GBP5.8 billion, is
21% higher than the same period last year.
These results once again demonstrate the resilience of the
business as a result of the outstanding job that our Partners do in
managing our clients' financial affairs, both when the markets are
positive and when they are less so.
With the increasing freedoms and responsibility individuals have
for their own affairs, both leading up to and through retirement,
the need for reliable and expert advice has never been more
obvious. Consequently, I am confident that we remain well
positioned for continued growth in line with our medium term
objectives."
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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 2573
John Sunnucks & Ben Woodford
Contents
1. Commentary and outlook
2. Funds under management
3. SJP new business
4. Third party new business
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1. Commentary and Outlook
The third quarter of 2014 saw momentum in our business continue
with a 19% increase in new single investments to GBP1.8 billion,
buoyed by a 50% increase in new ISA investments as our clients took
the opportunity to capitalise on the higher limits introduced on 1
July.
This level of new business, together with the continued
excellent retention of existing client funds, resulted in a net
inflow of funds under management of GBP1.3 billion, up 23% on the
same quarter last year.
In September we announced a number of changes to our range of
fund managers and portfolios that will take effect from November
2014. These include the announcement that the Multi Asset fund will
be restructured to blend three new investment managers; teams from
Invesco Perpetual, Schroders and US-based Payden & Rygel will
manage the fund. The objective of the fund will remain unchanged -
to provide a balance of income and capital growth over the medium
to long term. At the same time we will launch the UK Income Fund,
managed by Chris Reid of Majedie Asset Management, whilst the
Allshare Income Unit Trust and Diversified Income funds managed by
George Luckraft of AXA Framlington will be closed to new
investments.
The changes result from regular reviews conducted by the
Investment Committee and Stamford Associates to ensure the best
outcome for clients. The committee believes that these manager
changes will help St. James's Place clients achieve their long term
objectives to build and maintain capital.
EEV net asset value per share
The net asset value on the European Embedded Value basis at 30
September 2014 was estimated to be 620.0 pence per share.
Capital
There have been no material changes to group solvency capital
during the period.
Outlook
With the increasing freedoms and responsibility individuals have
for their own affairs, both leading up to and through retirement,
the need for reliable and expert advice has never been more
obvious. Consequently, we remain confident that we are well
positioned for continued growth in line with our medium term
objectives.
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2. Funds under Management
During the third quarter of 2014 we have once again seen a net
inflow of funds under management which, at GBP1.27 billion, was
some 23% higher than the GBP1.03 billion for the third quarter of
2013. This brings the total net inflow year to date to GBP3.7
billion (2013: GBP3.0 billion), up 23%.
Given this strong net inflow, total funds under management
increased to GBP49.1 billion despite the slight fall in the world
stock markets (with the FTSE100 index, for example, down 1.8%).
Unaudited Unaudited
3 Months to 9 Months to
30 September 30 September
2014 2013 2014 2013
GBP'BN GBP'BN GBP'BN GBP'BN
Opening funds under management 47.6 39.9 44.3 34.8
New money invested* 2.0 1.6 5.8 4.9
Net investment return 0.2 0.8 1.1 4.0
Regular income withdrawals and maturities (0.3) (0.1) (0.7) (0.5)
Surrenders and part surrenders (0.4) (0.4) (1.4) (1.4)
------- ------- ------- -------
Closing funds under management 49.1 41.8 49.1 41.8
------- ------- ------- -------
Net inflows 1.3 1.1 3.7 3.0
======= ======= ======= =======
Implied surrender rate as a percentage of average funds under management 4.1% 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 30 September:
30 September 2014 30 September 2013
GBP'BN % of total GBP'BN % of total
UK Equities 14.7 30% 12.4 30%
North American Equities 9.5 19% 7.6 18%
Fixed Interest 6.3 12% 5.9 14%
European Equities 5.3 11% 4.8 12%
Asia & Pacific Equities 4.5 9% 3.9 9%
Cash 4.3 9% 3.2 8%
Property 1.5 3% 1.0 2%
Alternative Investments 1.4 3% 1.3 3%
Other 1.6 4% 1.7 4%
Total 49.1 100% 41.8 100%
======= =========== ======= ===========
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3. SJP New Business
Unaudited Unaudited
3 Months to 9 Months to
30 September 30 September
2014 2013 2014 2013
GBP'M GBP'M GBP'M GBP'M
New single investments
Investment 581.2 576.3 1,800.8 1,612.1
Pension 513.5 429.9 1,577.9 1,427.4
Unit Trust and
ISA 739.7 531.6 2,372.1 1,731.7
-------- -------- -------- --------
1,834.4 1,537.8 +19% 5,750.8 4,771.2 +21%
-------- -------- -------- --------
New annualised
regular investments
Investment 4.1 5.4 12.7 11.7
Pension 24.5 20.2 71.0 63.3
Protection 0.5 0.5 1.7 1.7
-------- -------- -------- --------
29.1 26.1 +11% 85.4 76.7 +11%
-------- -------- -------- --------
Total new business
(APE)*
Investment 136.2 116.2 430.0 346.1
Pension 75.9 63.2 228.8 206.0
Protection 0.5 0.5 1.7 1.7
-------- -------- -------- --------
212.6 179.9 +18% 660.5 553.8 +19%
-------- -------- -------- --------
*Calculated as 1/10(th) single investments plus the annualised
regular investments
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4. 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 30 September 2014, the total third
party single new business was GBP120.4 million (2013: GBP150.3
million) and total annualised new regular business was GBP12.5
million (2013: GBP9.0 million).
For the nine month period to 30 September 2014, the total third
party single new business was GBP454.5 million (2013: GBP445.4
million) and total annualised new regular business was GBP36.6
million (2013: GBP32.1 million).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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