SJP profits rise 30% as advisers near RDR-readiness

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

Profit before shareholder tax on an IFRS basis was £109.7m, against the £84.2m reported in 2010.

SJP said the key driver to growth was the annual fees collected on funds under management, which increased 6% in the period to £28.5bn.

Operating profit on a European Embedded Value basis was £371.5m, up 12% on the previous year's £332.6m.

Meanwhile, the group said it welcomed almost 100 new partners in 2011. It said 80% of its 1,649 advisers have reached Diploma level, with a further 11% "within one or two exams".

David Bellamy, SJP chief executive, said: "[The] performance, in market conditions that were far from helpful, is a testament to [our] strength and the breadth of our investment proposition".