St. James's Place posts record funds under management

By Simon Jessop and Nishant Kumar LONDON (Reuters) - UK wealth manager St. James's Place bucked a patchy investment environment to chalk up record funds under management (FuM) in the first half of the year, boosted by new client inflows. The company, which was fully divested by Lloyds Banking Group in December last year, said its FuM rose 19 percent to 47.6 billion pounds, boosted by new inflows of 2.4 billion pounds. It was also helped by a 95 percent retention of existing client funds. "Against a backdrop of more muted returns generally, St. James's Place funds and portfolios have made steady progress in the first half of the year, following the strong returns seen in 2013," Chief Executive David Bellamy said in a statement. Read More http://ift.tt/X82Y8G