SJP benefits from market 'dislocation' as profits rise

St James's Place (SJP) took advantage of a "dislocation" in the advice market caused by regulatory upheaval to grow adviser numbers by more than 6% in the first half of the year, its CEO David Bellamy has said.

The vertically integrated wealth manager, announcing its first half results on Wednesday, said it had 1,905 adviser ‘partners' as at 30 June, an increase of 6.5% since the beginning of 2013. Operating profits grew 39% against the same period last year, from £168m to £234m on an EEV basis, thanks partly to new single pension and investment sales of £3.5bn, up 28% on the first six months of 2012. H1 profits on an IFRS basis were £90.1m, up 53% on the same period last year. However, the increase in partner numbers had, the company said, led to a negative contribution of £2.1m in the firs...