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20 Jan 2011 07:00
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ST. JAMES'S PLACE plc
27 St. James's Place, London SW1A 1NR
Telephone 020 7493 8111 Facsimile 020 7493 2382
PRESS RELEASE
20 January 2011
ST. JAMES'S PLACE WEALTH MANAGEMENT
2010 NEW BUSINESS
37% GROWTH IN NEW SINGLE INVESTMENTS DRIVES FUNDS
UNDER MANAGEMENT TO £27 BILLION
St. James's Place plc ("SJP"), the wealth management group, today issues its new business update for the twelve months ended 31 December 2010.
Highlights for the twelve months are:
New Business
·; Total single investments of £4.75 billion (2009: £3.46 billion), up 37%
·; Total new business on an APE basis of £581.8 million (2009: £440.8 million), up 32%
·; Manufactured business represents 91% of new business (2009: 91%)
Funds Under Management
·; Net inflow of funds under management of £3.0 billion (2009: £2.3 billion), up 30%
·; Continue to retain 95% of existing clients' funds
·; Funds under management of £27.0 billion, up £5.6 billion over the year
Partnership
·; Partnership numbers up 6% for the year to 1,552
David Bellamy, Chief Executive, commented:
"I am extremely pleased to report another year of record new business for St. James's Place, including a strong final quarter. New investments of £4.75 billion coupled with the excellent retention of existing client funds and further growth in stock markets, have resulted in funds under management reaching an all time high of £27 billion.
We remain committed to recruiting only the highest quality advisers into the Partnership, while ensuring that we are able to offer a best in class investment proposition for clients. We believe this focused approach will enable us to maintain momentum in our business and provide a good platform to deliver 15-20% per annum new business growth over the medium term"
The details of the announcement are attached.
Enquiries:
David Bellamy, Chief Executive | Tel: | 020 7514 1963 |
Andrew Croft, Group Finance Director | Tel: | 020 7514 1963 |
Tulchan Communications Group Ltd John Sunnucks/Mal Patel | Tel: | 020 7353 4200 |
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ST. JAMES'S PLACE WEALTH MANAGEMENT
NEW BUSINESS FIGURES TO 31 DECEMBER 2010
TOTAL LONG TERM SAVINGS
Unaudited 3 Months to 31 December 2010 | Unaudited 12 Months to 31 December 2010 | ||||||||||||||
New PREMIUMS |
2010 £'m |
2009 £'m |
Change % |
2010 £'m |
2009 £'m | Change % | |||||||||
New Regular Premiums | |||||||||||||||
- Pensions | 22.1 | 19.4 | 14% | 86.9 | 75.4 | 15% | |||||||||
- Protection | 5.3 | 5.4 | (2%) | 20.0 | 19.6 | 2% | |||||||||
27.4 | 24.8 | 10% | 106.9 | 95.0 | 13% | ||||||||||
New Single Premiums | |||||||||||||||
- Investment | 542.0 | 455.3 | 19% | 1,965.4 | 1,389.4 | 41% | |||||||||
- Pensions | 417.2 | 346.7 | 20% | 1,537.2 | 1,176.6 | 31% | |||||||||
959.2 | 802.0 | 20% | 3,502.6 | 2,566.0 | 37% | ||||||||||
Unit Trust Sales (including PEPs and ISAs) | 293.9 | 282.7 | 4% | 1,246.2 | 892.2 | 40% | |||||||||
Unaudited 3 Months to 31 December 2010 | Unaudited 12 Months to 31 December 2010 | ||||||||||||||
2010 £'m |
2009 £'m |
Change % |
2010 £'m |
2009 £'m | Change % | ||||||||||
NEW BUSINESS (RP + 1/10TH SP) | |||||||||||||||
Investment | 83.6 | 73.7 | 13% | 321.2 | 228.1 | 41% | |||||||||
Pensions | 63.8 | 54.1 | 18% | 240.6 | 193.1 | 25% | |||||||||
Protection | 5.3 | 5.4 | (2%) | 20.0 | 19.6 | 2% | |||||||||
Total | 152.7 | 133.2 | 15% | 581.8 | 440.8 | 32% | |||||||||
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ST. JAMES'S PLACE WEALTH MANAGEMENT
NEW BUSINESS FIGURES TO 31 DECEMBER 2010
MANUFACTURED LONG TERM SAVINGS
Unaudited 3 Months to 31 December 2010 | Unaudited 12 Months to 31 December 2010 | ||||||||||||||
New PREMIUMS |
2010 £'m |
2009 £'m |
Change % |
2010 £'m |
2009 £'m | Change % | |||||||||
New Regular Premiums | |||||||||||||||
- Pensions | 18.0 | 16.5 | 9% | 68.3 | 63.2 | 8% | |||||||||
- Protection | 1.5 | 1.2 | 25% | 5.2 | 4.7 | 11% | |||||||||
19.5 | 17.7 | 10% | 73.5 | 67.9 | 8% | ||||||||||
New Single Premiums | |||||||||||||||
- Investment | 537.1 | 452.0 | 19% | 1,924.6 | 1,372.2 | 40% | |||||||||
- Pensions | 387.5 | 315.4 | 23% | 1,399.5 | 1,057.2 | 32% | |||||||||
924.6 | 767.4 | 20% | 3,324.1 | 2,429.4 | 37% | ||||||||||
Unit Trust Sales (including PEPs and ISAs) | 293.9 | 282.7 | 4% | 1,246.2 | 892.2 | 40% | |||||||||
Unaudited 3 Months to 31 December 2010 | Unaudited 12 Months to 31 December 2010 | ||||||||||||||
2010 £'m |
2009 £'m |
Change % |
2010 £'m |
2009 £'m | Change % | ||||||||||
NEW BUSINESS (RP + 1/10TH SP) | |||||||||||||||
Investment | 83.1 | 73.4 | 13% | 317.1 | 226.4 | 40% | |||||||||
Pensions | 56.7 | 48.1 | 18% | 208.2 | 169.0 | 23% | |||||||||
Protection | 1.5 | 1.2 | 25% | 5.2 | 4.7 | 11% | |||||||||
Total | 141.3 | 122.7 | 15% | 530.5 | 400.1 | 33% | |||||||||
% of total new business | 93% | 92% | 91% | 91% |
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ST. JAMES'S PLACE WEALTH MANAGEMENT
NEW BUSINESS FIGURES TO 31 DECEMBER 2010
Non Manufactured Long Term Savings
For the three months:
·; Investment premiums of £4.9 million (2009: £3.3 million), amounting to £0.5 million (2009: £0.3 million) on an APE basis.
·; Pension single premiums of £29.7 million (2009: £31.3 million) and regular premiums of £4.1 million (2009: £2.9 million), amounting to £7.1 million (2009: £6.0 million) on an APE basis.
·; Protection business of £3.8 million regular premiums (2009: £4.2 million).
·; Total new business, on an APE basis, of £11.4 million (2009: £10.5 million).
For the twelve months:
·; Investment premiums of £40.8 million (2009: £17.2 million), amounting to £4.1 million (2009: £1.7 million) on an APE basis.
·; Pension single premiums of £137.7 million (2009: £119.4 million) and regular premiums of £18.6 million (2009: £12.2 million), amounting to £32.4 million (2009: £24.1 million) on an APE basis.
·; Protection business of £14.8 million regular premiums (2009: £14.9 million).
·; Total new business, on an APE basis, of £51.3 million (2009: £40.7 million).
Funds Under Management
The table below provides an analysis of the movement in funds under management:
| Unaudited Year Ended 31 December 2010 | Unaudited Year Ended 31 December 2009 | ||
|
| £'bn |
| £'bn |
|
|
|
|
|
Opening funds under management |
| 21.4 |
| 16.3 |
New money invested |
| 4.7 |
| 3.5 |
Net investment return |
| 2.6 |
| 2.8 |
|
| 28.7 |
| 22.6 |
Regular income withdrawals & maturities |
| (0.5) |
| (0.4) |
Surrenders & part surrenders |
| (1.2) |
| (0.8) |
|
|
|
|
|
Closing funds under management |
| 27.0 |
| 21.4 |
|
|
|
|
|
Annualised surrender rate as a % of average funds under management |
|
5.0% |
|
4.0% |
Capital
There have been no material changes to solvency capital during the final quarter. The investment policy for non-linked assets remains on a prudent basis, with no exposure to equity investments: non-linked liabilities are matched by government backed gilts and bonds, and surplus assets are invested in AAA rated money market funds. This policy continues to immunise the capital base from stock market falls and both widening spreads and credit defaults on corporate bonds.
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