St James's Place rides crisis with robust 2012 sales
LONDON (Reuters) - British investment manager St James's Place (SJP.L) brushed off the financial crisis in 2012 with a 16 percent increase in sales as its well heeled clients sought a haven for their money in its fund products.
Its most closely watched measure of new business, including regular and single premiums increased 46 percent from a year earlier in the final quarter of 2012, the company said in a trading statement on Thursday.
Funds under management rose 22 percent over the year to 34.8 billion pounds, lifted by recovering markets and a 3.35 billion pounds net inflow of new money, the firm said.
The company added that 2,000 of its staff are now fully qualified in a diploma required under new regulation introduced this year.
"We are confident that our approach of face to face advice, provided by a trusted adviser and a sound investment proposition positions us well for growth in new business in line with our objectives in 2013," Chief Executive David Bellamy said in a statement.
St James's Place shares closed at 456.6 pence on Wednesday.
(Reporting by Chris Vellacott. Editing by Sinead Cruise)
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