St. James's Place is citing rocky world markets as the reason behind its £2bn loss in funds under management in 2008.
The partnership, which announced its results today, saw FUM fall from £18.2bn in 2007 to £16.3bn in 2008, but put the decrease into perspective by highlighting the fact markets fell 30-40% in the same time period.
The results also show a £40m drop in operating profit - from £244.7m in 2007 to £204.3m in 2008. New business, meanwhile, stayed fairly neutral year on year, with the company seeing a small decline from £428.6m last year to £419m last year (on an EEV basis).
Chief executive David Bellamy says the results are reflective of the market conditions, but adds he is positive about 2009.
"We know 2009 will be another challenging year but believe that the need for face to face advice is as strong as ever and our business is very well placed in that market.
"We have not lost any of our enthusiasm for our medium to long term growth targets. Strong retention of funds under management, three consecutive years of growth in Partner numbers and a good environment for further recruitment of quality advisers give us good reasons to be optimistic for when the markets recover."Investment Week
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