Company News
2002
New business figures for the 3 months ended 31 March 2002
01/05/2002
St. James's Place Capital plc ("SJPC"), the wealth management group, today announces its new business figures for the 3 months ended 31 March 2002.
- New premiums
Regular Premiums £11.8m Single Premiums £211.1m Unit Trust Sales £63.0m - Total new business and change since 2001
Investment £21.0m -26% Pensions £13.8m -12% Protection £4.4m -4% Total £39.2m -19% - Total group funds and change over previous periods:
Funds under management £6.7 billion +8% over the quarter
+18% over the previous year - New sums assured were £1 billion, up 23% over 2001.
- Gross fees generated from additional wealth management services were £1.9 million.
Mike Wilson, Group Chief Executive, commented:
"While new business fell in the first quarter, reflecting difficult investment markets, we were pleased with the substantial increase in funds under management and the continuing success of our new wealth management services.
In the recent CAPS survey of Pooled Pension Funds, our five Managed Funds occupied the top three places out of 85 funds for the quarter, while an investment spread equally between the five funds would have occupied 2nd place over the past twelve months. Over all periods covered in the survey, one of our funds was in either first or second place.
In the current investment climate, we are unlikely to see new business for the second quarter rising above the comparative quarter of 2001, which was the highest quarter of the year (up 27% over second quarter 2000 sales). However, we remain confident that the strength and experience of the Partnership will enable us to continue to achieve our 15 to 20% growth targets over the longer term."
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