British wealth manager St. James's Place (SJP) has reported profit before shareholder tax of £60.5m for the first half of 2016, down 9.7% compared to £67m a year ago.
Underlying profit before shareholder tax was £73.8m, an increase of 1.2% from £72.9m in the previous year.
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Operating profit stood at £284m, a 7% rise from £265.3m in the prior year.
Compared to the year earlier, the group’s funds under management (FuM) increased 18.2% to £65.6bn from £55.5bn, while net inflow of FuM increased 14.8% to £3.1bn from £2.7bn.
SJP CEO David Bellamy said: “Despite continued volatility in world stock markets and political uncertainty across Europe, I am pleased to once again be reporting a strong first half performance and continued positive momentum in our business.
“Bearing testament to the reassuring consistency and resilience of our business, I am particularly pleased that we achieved record gross and net inflows in the second quarter, up 23% and 25% respectively. That, together with our usual high retention results and good performance of our client funds, has increased our funds under management by £10 billion in the last 12 months.”
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By GlobalDataPartnership number increased 2.5% to 2,320 since the start of the year, while total number of advisors rose by 4.7% to 3,259.
“Given the continued strong business performance, the Board has declared a 15% increase in the interim dividend to 12.33 pence per share. We intend to continue to grow the dividend in line with the underlying performance of the business, as previously stated,” Bellamy added.
