The company plans to open a new office as it rolls out Rowan Dartington Services, it said in the commentary to its annual results.
“Alongside the evolution of our investment management approach, the acquisition of Rowan Dartington Holdings Limited, a specialist stockbroking and discretionary investment service, broadens our range of supplementary investment services, to include advisory portfolio management, direct equity, trust and charity portfolio management,” said David Bellamy, chief executive of St James’ Place.
He added that SJP plans to make these services available to existing clients later in the spring, “while enabling partners and advisers to access new clients who value such services”.
New Business
For the year, the wealth management firm reported new business profits of £440.7m in its annual results. The final dividend was 17.24 pence per share, taking the full-year dividend to 27.96 pence per share, an increase of 20% on 2014. Net asset value per share was at 737.3 pence.
“Overall, we think the results were positive from further “one-off” items and in line at the underlying level,” noted Numis, while calling the results “messy”.
Highlights included funds under management that increased to £58.6bn, up from £52bn in 2014 (up 13% for the year), record gross inflows of £9.24bn, and a net inflow of funds under management of £5.78bn during the year.
Last year a further 54,000 new clients were introduced to St. James’s Place, taking the total number to more than 525,000, said the report.
“Despite the continued uncertainty in world stock markets, the strong growth across all key areas once again demonstrates the resilience of the business and delivered another record year of new investments, funds under management and operating performance,” Bellamy said.
“The continuing growth and maturity in funds under management has, as expected, translated into continued growth in the underlying cash result,” he continued.
While the growth in funds under management was reflected in the positive financial results, the figures were negatively affected by a £14.2m increase in the company’s levy to the Financial Services Compensation Scheme.
