Wealth management group St. James’s Place saw new business volumes rise 18 per cent during the third quarter to £212m, driven by clients taking advantage of increased Isa limits.
The firm’s new business statement for the three months ended 30 September also showed net inflow of funds under management of £1.3bn, up 23 per cent in the quarter and by the same percentage over the last nine months at £3.7bn.
Funds under management now stand at £49.1bn, up 17 per cent over 12 months and 11 per cent since the beginning of the year.
David Bellamy, chief executive, commented that growth in new business was buoyed by a 50 per cent increase in new Isa investments, as clients capitalised on the higher limits introduced in July.
Under the new Isa rules, which came into effect on 1 July 2014, up to £15,000 can be deposited tax-free between cash and stocks and shares.
Mr Bellamy said: “With the increasing freedoms and responsibility individuals have for their own affairs, both leading up to and through retirement, the need for reliable and expert advice has never been more obvious.
“Consequently, I am confident that we remain well positioned for continued growth in line with our medium term objectives.”
In September the firm announced several changes of fund managers and portfolios that will take effect from November, including a restructuring of the multi asset fund, with teams from Invesco Perpetual, Schroders and US-based Payden and Rygel now in charge.
At the same time St James’s Place will launch the UK Income Fund, managed by Chris Reid of Majedie Asset Management, whilst the Allshare Income Unit Trust and Diversified Income funds managed by George Luckraft of Axa Framlington will be closed to new investments.
The new business statement noted that the changes result from regular reviews conducted by the investment committee and Stamford Associates, with the belief being that these manager changes will help clients achieve their long term objectives to build and maintain capital.
Also included in the report was details of the firm’s total third party single new business, which dropped to £120.4m over the quarter, compared to £150.3m during the same period last year.
However, for the nine month period to the end of September, total third party single new business was £454.5m, up from £445.4m in 2013.
peter.walker@ft.com
