St James's Place defies gloom with new business

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Group operating profit was £114.2 million down from £120.7 million this time last year. For the half year, the company booked total new business of £220.7 million, up 3% on this time last year.

Chairman Mike Wilson acknowledged the tough business environment but said St James's focus on adviser-based funds management for its customers was paying off.

"There is a growing demand for advice and we continue to believe that gives us a major competitive advantage," he said. "If current market conditions continue, we anticipate new business growth in the second half of the year to be broadly similar to the first half."

His new business growth target remained at 15-20% a year. St James's shares have been in focus amid growing suggestions HBOS may seek to offload its nearly 60% holding as it continues to shore up its capital base.

St James's Place shares have tumbled over the past year but the firm has shown strong retention of funds. Funds under management are now £17.2 billion, down just slightly from last year's £17.3 billion.