British wealth manager St. James’s Place (SJP) said its funds under management (FuM) in the first half of 2015 increased 16% to £55.5bn from £47.6bn in 2014.

For the six months period ended 30 June 2015, net inflow of funds under management rose to £2.7bn from £2.4bn in 2014, while gross inflow of funds under management was £4.4bn.

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The group’s new business profits on an EEV basis amounted to £205.9m in the first half of 2015 compared to £181.3m in the same half of 2014. Operating profit on an EEV basis increased to £265.3m from £260.7m a year ago.

For the six months to 30 June 2015, SJP has reported an underlying profit before shareholder tax of £72.9m on an IFRS basis from £78.3m in 2014, while profit before shareholder tax on an IFRS basis was £67.0m.

The firm said that it has increased the number of advisers by 4.7% to 2,968 since start of the year. The group’s final underlying post tax cash result was £84.9m compared to £78.5m in 2014.

The money manager increased its interim dividend by 20% to 10.72 pence per share.

Additionally, St James’ Place has agreed to acquire Bristol private client broker and asset manager Rowan Dartington for £34m.

SJP CEO David Bellamy said: "Against a backdrop of a volatile market, new investments grew to £4.4 billion. Retention of our existing client funds remained consistent with previous years such that net inflows increased to £2.7 billion taking total funds under management at the half year to £55.5 billion, up 6.7% since the beginning of the year.

"Disappointingly, our profits have been impacted by the Financial Services Compensation Scheme levy, which has almost trebled from £6.9 million to £20 million.

"I am also pleased to report that through the combination of our recruitment efforts in the UK, expansion in Asia and the continued success of our Academy, qualified adviser numbers are up 4.7% since the start of the year, to 2,968."