St James's Place sales rise 38%

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...