St James's Place loses £2bn in AUM

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 20...