SJP sales up 10% as partners near RDR readiness

St James's Place (SJP) welcomed £5.2bn worth of new single investments in 2011 as the wealth manager boosted total funds under management to £28.5bn, up 6% over the year.

New single investments were up 10% from the previous year's £4.75bn, while SJP saw a 20% jump in new pensions business to £288m.

Total new business on an APE basis was £642.3m, up 10% on the £581.8m recorded in 2010.

The group saw a net inflow of FUM of £3.3bn for the year, up on 2010's £3bn, with 95% of existing clients' funds retained.

CEO David Bellamy said he was "very pleased" with the results, but he reserved particular praise for the progress of the company's partners as they attempt to meet the new minimum qualification requirement as set out under the RDR.

SJP, which saw partner numbers rise more than 6% last year to 1,649, said some 80% had achieved the required QCF Level 4, and another 11% were "within one or two exams".

"The growth in partner numbers, the addition of new investment funds and the progress made in achieving the new regulatory qualification levels all bode well for the future," Bellamy said.

"Consequently, while mindful of the difficult economic conditions that persist, we
have a good platform for further growth in new business in 2012."