British wealth management firm St. James’ Place (SJP) has increased its funds under management to £52bn for the year ended 31 December 2014, up 17% from £44.3bn a year earlier.

The company posted net inflow of £5.09bn for 2014, an increase of 20% from £4.23bn a year ago.

SJP has reported a 29% increase in operating profits for 2014, on a European Embedded Value (EEV) basis to £596.4m from £462.7m in 2013.

The group’s final underlying cash result was £173.8m, up 24% from £139.9m a year ago.

During the year, the company made total new single investments of £7.8bn, an increase of 18% compared to £6.6bn made a year ago.

The money manager increased its final dividend by 50% to 14.37 pence per share .

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The firm said that it has increased the number of qualified advisers by more than 10.3% to 2,835.

Additionally, the group is planning to launch a new banking service called the St. James’s Place Money Management Account in April this year, in association with Metro Bank.

SJP CEO David Bellamy said: "This year we will seek to further strengthen our relationship with our clients by exploring opportunities to enhance our proposition, through the continual development of our approach to the management of their wealth and the addition of complementary services, so that we are able to offer a more complete proposition.

"In addition, the account will have the added benefit of an integrated secured overdraft facility, providing immediate access to short term funds, secured against the value of their St. James’s Place investment portfolio. We begin 2015 with confidence that we are well positioned for future growth, in line with our medium to long-term objectives."