Reuters: Financial Services and Real Estate: UPDATE 2-St James's Place sees March pick-up in new money

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UPDATE 2-St James's Place sees March pick-up in new money May 3rd 2012, 07:40 Thu May 3, 2012 3:40am EDT * Net inflow 700 million pounds * Assets reach 31 billion pounds * New business 152.6 million pounds By Chris Vellacott LONDON, May 3 (Reuters) - British wealth manager St James's Place saw sales pick up in March after a slow start to the year as uncertain markets and the continuing financial crisis in Europe unnerved investors, the company said in a trading update on Thursday. Total new business on an annual premium equivalent (APE) basis during the three months to March 31 was 152.6 million pounds, down from 156.7 million in the same period last year. However, the company, 60 percent-owned by Lloyds Banking Group, said business improved in the latter part of the period with March "a record month for new business". "It's been a good first quarter with the one caveat being the markets are a little challenging and volatile and that makes investors a little bit nervous and it just takes a bit longer," Chief Executive David Bellamy told Reuters. Strong retention of existing client funds and 1.26 billion pounds of new investments 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. "Overall the sales figures show resilience in volumes in stress markets. The outlook looks robust as management mentioned that recent new business trends and recruitment activities are encouraging," said JP Morgan Cazenove analysts in a note. St James's Place shares were trading 0.4 percent higher at 331 pence by 0715GMT on Thursday. Link this Share this Digg this Email Reprints

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