Reuters: Financial Services and Real Estate: UPDATE 1-St James's Place sees small dip in Q1 sales

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UPDATE 1-St James's Place sees small dip in Q1 sales May 3rd 2012, 06:30 Thu May 3, 2012 2:30am EDT * Net inflow 700 million pounds * Assets reach 31 billion pounds * New business 152.6 million pounds LONDON, May 3 (Reuters) - Upmarket wealth manager St James's Place saw its new business slow slightly in the first quarter of the year as investors became more reticent with their money amid mounting worries about the ongoing financial crisis in Europe. Total new business on an annual premium equivalent (APE) basis during the three months to March 31 was 152.6 million pounds, compared with 156.7 million from a year earlier, the company said in a trading statement on Thursday. But strong retention of existing client funds resulted in a net inflow of 700 million pounds to its funds, though this was slower than the 770 million pounds seen in the same period last year, the company said. Aided by investment performance, total funds under management increased 2.5 billion pounds during the three months to reach 31 billion pounds. "Retail investors are naturally sensitive to continued market uncertainty and consequently remain relatively cautious in their appetite for investment," the company said. St James's Place shares closed at 330 pence on Wednesday. Link this Share this Digg this Email Reprints

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