St. James’s Place Posts 53 Percent Jump in Profit on New Funds

St. James’s Place Plc (STJ), the U.K. wealth manager part-owned by Lloyds Banking Group Plc, said first-half profit climbed 53 percent as it attracted new funds.

Pretax profit jumped to 90.1 million pounds ($137 million) in the six months to June 30 from 58.9 million pounds in the year-earlier period, the Cirencester, England-based company said in a statement today. Net inflows of funds increased 32 percent to 1.99 billion pounds.

“The business is in good shape and the strong recruitment over the last few years, in particular during the first six months of 2013, should help us attract new client investments,” Chief Financial Officer Andrew Croft said in the statement.

The money manager increased its first-half dividend by 50 percent to 6.38 pence a share. Funds under management climbed to 39.9 billion pounds, 15 percent up from the start of the year.

To contact the reporter on this story: Sarah Jones in London at sjones35@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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