The vertically integrated wealth manager, announcing its first half results on Wednesday, said it had 1,905 adviser ‘partners’ as at 30 June, an increase of 6.5% since the beginning of 2013.
Operating profits grew 39% against the same period last year, from £168m to £234m on an EEV basis, thanks partly to new single pension and investment sales of £3.5bn, up 28% on the first six months of 2012. H1 profits on an IFRS basis were £90.1m, up 53% on the same period last year.
However, the increase in partner numbers had, the company said, led to a negative contribution of £2.1m in the first half of the year from its distribution unit, against a £2m profit this time last year.
Other negative contributions included £5.3m ‘development’ costs related to the group’s investment proposition and changes made as a result of the Retail Distribution Review, and one-off costs of £6m relating to the reduction in Lloyds Banking Group’s shareholding in SJP in March.
Bellamy [pictured] said he was pleased with the results, adding: “Looking forward, everything we understand about our marketplace tells us that there has never been a greater need for reliable advice delivered by a trusted adviser and backed by a reputable company.
“Against this backdrop, the scale and strength of the company’s advice led approach to wealth management, twinned with a proven investment management proposition, positions St. James’s Place uniquely to benefit from the long term demographic and market opportunities in wealth management and reinforces our confidence in our ability to continue our growth in line with our medium term objectives.”
