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Company News

2002

Interim Results for the six months to 30 June 2002

24/07/2002

FUNDS UNDER MANAGEMENT £6.6 BILLION UP 5%

St. James’s Place Capital plc (“SJPC”), the wealth management group, today announces its new business and financial results for the half year ended 30 June 2002.

Key points include:

  • Profits from core business £39.5 million (down 31%)
  • New business down 18% compared with the first half of 2001 (see note 3 of Notes to Editors)
  • New business for second quarter 11% higher than first quarter
  • Size of partnership up 3% since the start of the year
  • Funds under management at £6.6 billion up 5% since the start of the year (8% over twelve months)
  • Fees generated from wealth management £4.7 million compared with £5.0 million for full year 2001, rising 47% from first to second quarter
  • Dividend maintained at 1.25p per share

Sir Mark Weinberg, Chairman, commented:

"While it is understandable that some people have chosen to hold back on committing their money to new investments in the very unsettled conditions of the past six months, high quality advice on financial planning is at least as important in difficult times as in more normal circumstances.

We believe as strongly as ever in our advice-based business model. We continue to make excellent progress in establishing St James's Place as a leading wealth management group and are well-positioned to benefit when market conditions improve because of the quality and experience of the Partnership and our superior investment process."

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