St James’s Place fund hits asset record
WEALTH manager St James’s Place took assets under management to a record £52bn at the end of last year, aided by a shift in saving allowances and broader pension changes.
The FTSE 100 firm attracted £1.4bn more from customers in the three months ending December, slightly ahead of analyst estimates.
Changes to ISA allowances – upping the maximum limit to £15,000 – in July and scrapping of compulsory annuity purchases have benefitted firms like St James’s Place, which look after people’s money ahead of retirement.
“It’s becoming apparent to people now that there is no soft landing, this is your retirement pot. That’s driving more people to want to come and talk to us,” chief executive David Bellamy told City PM
The number of partners also grew faster than expected at nine per cent year-on-year, helped by the acquisition of the Henley group in Asia. Bellamy said he was also exploring opportunities in Abu Dhabi and Dubai to target expat savers.