St James’s Place has increased its funds under management to £49.1bn, up 17% compared with £41.8bn a year earlier.
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The company posted net inflow of funds under management of £1.27bn in the quarter ended 30 September 2014, an increase of 23% from £1.03bn a year ago.
During the quarter, the company made total new single investments of £1.8bn, an increase of 19% compared to £1.5bn made a year ago.
The group’s new business on an APE basis amounted to £212.6m in the third quarter, up 18% from £179.9m in the corresponding period last year.
The firm in its interim statement said that it continued 95% retention of existing client funds.
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By GlobalDataCommenting on the results, St James’s Place CEO David Bellamy, said: "I am very pleased to report that the strong momentum in our business continued into the third quarter, with growth in new business buoyed by a 50% increase in new ISA investments, as clients took the opportunity to capitalize on the higher limits introduced on 1 July.
"This growth, coupled with the consistently high retention of our existing client funds, saw net inflows increase by 23% to £1.3bn in the quarter, bringing our total funds under management to a record £49.1bn. After nine months the growth in new investments, to £5.8bn, is 21% higher than the same period last year," he added.
