St James's Place reports record FuM on strong ISA demand
Wealth manager St James's Place saw strong inflows in its third quarter, helped by a big increase in demand for new ISA investments.
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Funds under management reached a record £49.1bn by 30 September, up 17% on the year before and 11% higher than the start of 2014.
Net inflows were up 23% over the quarter at £1.3bn, as total new single investments grew 19% year-on-year to £1.8bn.
Chief executive David Bellamy said that "strong momentum" continued in the third quarter.
He said that "growth in new business [was] 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, Bellamy added, was coupled with the consistently high retention of existing client funds.
"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," Bellamy said.
The stock was up 3.9% at 714.5p in early trading on Thursday.