St James's Place

Profits at wealth manager St James's Place (SJP) rose in the first six months of the year, helped in part by a record quarter for new business.

Funds under management at wealth manager St James's Place have hit a record £31bn.

Wealth manager St James's Place (SJP) has reported a 30% rise in profits for 2011.

Fund launches reached a decade low last year as groups held back new products in the face of market volatility.

Financial services group St James's Place (SJP) recorded a 13% increase in sales to £154m in the third quarter, it said today.

St. James's Place failed to make a profit from its distribution arm in the first half of 2011, citing the impact of the Retail Distribution Review (RDR), although group operating profit was up 13%.

St. James's Place is launching a global equity fund in a bid to diversify assets away from fund manager THS Partners, Investment Week understands.

The distribution unit of wealth manager St James's Place (SJP) turned a huge loss in 2009 into a significant profit last year after new business increased by a third.

Funds under management at St James's Place climbed £2.4bn to £24.8bn in the three months ending 30 September, and have now doubled over the last five years.

Adrian Frost and Adrian Gosden of Artemis are to run a new UK and global income fund for St. James's Place (SJP).