Wealth manager St James's Place says strong sales and its "excellent" retention of existing client funds helped it negate the effects of a slow quarter in stock markets.
The group, 60% owned by Lloyds Banking Group, grew funds under management (FUM) by £1bn to £28bn in the first three months of the year. Total FUM at the same stage last year was £23.3bn. New sales on an APE basis were £156.7m, up 18% from last year's £133.3m. The group says it retained 95% of existing client funds during the period. CEO David Bellamy said: "Funds under management have grown despite little help from stock markets over the quarter, highlighting the continued momentum in new business together with our excellent retention of existing client funds." St James's Place say...
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