SJP appoints Redington co-founder Gardner as director of investment management as Lamb retires
Strong H1 results
St James's Place (SJP) has announced directorate changes alongside its H1 results this morning, showing net inflows jumped by 21% to £5.2bn over the period while funds under management now stand at £96.6bn.
The group said Robert Gardner will join the executive board of SJP as director of investment management on 7 January 2019 (subject to regulatory approval).
He joins from investment consultancy Redington, which he co-founded and provides St. James's Place with a range of investment consultancy services, and will continue there in his non-executive role.
Gardner began his career in financial services at Deutsche Bank before joining Merrill Lynch in 2003, working as a director in its Insurance and Pensions Solutions Group.
In 2006, he co-founded Redington with Dawid Konotey-Ahulu.
In 2009, Gardner also co-founded mallowstreet, the online pensions community, while he is a campaigner for financial education for young people, writing children's book Save Your Acorns and founding the charity RedSTART.
Commenting on the new position, Gardner said: "My new role at St. James's Place will allow me to build on my mission to empower individual clients to lead a financially secure future. Combining my experience in pensions, investments and financial education.
"In my role as non-executive director at Redington, I and the board will continue to focus on helping our clients and helping the firm grow and develop"
Meanwhile David Lamb, MD of investments, will retire as a board director of SJP early next year, although he will continue to chair its investment committee on a part time basis. Chair Sarah Bates also recently announced plans to step down from her board responsibilities.
Bates commented: "On behalf of the Board, I would like to thank David for his significant contribution to the success of St. James's Place for what will be 27 years' service on retirement, particularly in relation to the development and operation of our Investment Management Approach.
"We are delighted that Robert is joining us to lead our investment proposition, and look forward to benefiting from his significant experience."
Andrew Croft, chief executive at St. James's Place, said: "I would like to thank David Lamb for his exceptional contribution to St. James's Place over many years. He has been an outstanding colleague.
"I am delighted to welcome Robert Gardner, who has worked closely with St. James's Place for some time. I am confident he will make an excellent addition to our executive board."
New SJP CEO unveils group plans after record year
Strong performance
Meanwhile, in its half year results to the end of June 2018, St. James's Place reported a 15% rise in gross fund inflows compared to last year to £7.9bn, while net inflows increased 21% to £5.2bn. There was continued strong retention of client funds at 96%.
The group's funds under management rose by 16% over the 12 months to £96.6bn.
EEV new business profit was £437m, up 27% on £343m in 2017, while EEV operating profit rose 23% to £489.6m. Underlying IFRS profit before shareholder tax was up 9% at £115.4m.
The group also reported an interim dividend of 18.49p per share - up 20% on last year's 15.41p.
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