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St James’s Place (SJP) has thwarted analysts’ expectations at the end of 2009, with a 38% rise in new business.
Sales climbed 5% on an annual basis, and the tied advice firm says its strong final quarter performance gives it a platform for growth in 2010.
New business in the final quarter hit £133.2m, a rise of 38% on Q4 2008 and well above analysts' expectations of a 15% increase.
Unit trust sales performed particularly well, up 112% on a quarterly basis to £282.7m.
Assets under administration increased by £1.1bn to £24.1bn and the firm retained 95% of existing clients' funds.
Partnership numbers increased by 9% to 1,464 in 2009, the largest annual increase for a decade.
David Bellamy, chief executive of SJP, says: "We are delighted with our fourth quarter figures. Record new investments and excellent retention are a credit to our entire community and have helped drive group funds under management to record levels.
"Our overall performance in 2009 gives us both the confidence and a good platform for further growth this year."
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How to raise your blood pressure.
A couple of days ago I received a letter from St. James’s Place – obviously fishing for recruits. I threw it in the bin. Bright and early this morning guess who called? Yep - the guy from SJP. Now believe this or not, I POLITELY told him I wasn’t interested. But do you think this foot in the door high pressure salesman would leave it at that? Not on your arm twisting Nelly. So I tied to explain that: I don’t want to work for someone else I value being independent And I’m not keen on the SJP model Guess what; he then tried to launch into the script to try and tell me that they were as good as independent – your correspondent then lost his temper. No wonder their sales figures are up – precisely that – sales. I wonder where advice fitted? I also wonder how many broken arms resulted. The poor clients. I thought Regulation was supposed to protect people from this. The Trevor Deaves model not only lives on – it thrives! With help from the Regulator who steadfastly raises the bar for Independents, yet gives the others as much rope as they want in order not to fully, clearly and unequivocally disclose their status. At least the Law Society knows which way is up.
Posted by: Harry Katz