St. James’s Place Posts Record Funds, Lifts Dividend 40%

St. James’s Place Plc (STJ) reported a 23 percent jump in net inflows in the first half as the U.K. wealth manager and insurer increased its payout to shareholders by 40 percent.

Net inflows were 2.44 billion pounds ($4.1 billion) in the six months to June 30, the London-based company said in a statement today. Funds under management climbed to a record 47.6 billion pounds, up 19 percent, and the interim dividend rose to 8.93 pence a share.

“Growth has continued in 2014 and given this performance and our confidence about the future, the board has agreed an increase in the dividend at the top end of the range signaled earlier in the year,” Chief Executive Officer David Bellamy said in the statement. The company anticipates a “similar increase” in the full-year payout, he said.

The insurer reported a 12 percent gain in operating profit to 260.7 million pounds and a 19 percent increase in earnings from new business to 181.3 million pounds. Total single investments climbed 21 percent to 3.92 billion pounds, boosted by 27,000 new clients, the statement showed.

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

To contact the editors responsible for this story: Edward Evans at eevans3@bloomberg.net Jon Menon, Mark Bentley

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.