St James's Place sees pre-tax profits plunge
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Wealth manager St James’s Place saw profit before tax plunge over 2011, according to the group’s annual results.
David Bellamy
Overall pre-tax profit amounted to £21.3m for the 12 months to December 31. This is down from the £161.9m reported for 2010.
St James’s Place incurs a tax on behalf of policyholders as well as shareholders as it owns a UK life assurance company. Once a £88.4m policyholder tax credit is factored into the results, profit before shareholder tax rose from £84.2m in 2010 to £109.7m last year.
The wealth manager also increased its proposed final dividend by 21% to 4.8p.
In addition, it reported a 6% rise in partnership numbers, which rose from 1,552 in 2010 to 1,649. Funds under management also increased by 6% to £3.3 billion.
David Bellamy, chief executive of St James’s Place, says: “This performance, in market conditions that were far from helpful, is a testament to the strength of the partnership and the breadth of our investment proposition.”
The firm also announced the appointment of Patience Wheatcroft, a former journalist and member of the House of Lords, as non-executive director and the departure of current board member Roger Walsom.
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Readers' comments (1)
Anonymous | 22 Feb 2012 6:45 pm
This negative headline grabbing jounalism is not wanted in the finance sector. Fund web is the only website to try and report negatively on a sparkling set of results for st james's place. Dont twist the story, just tell it straight and you might keep your viewers.
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