St James's Place posts in-line profits
WEALTH manager St James's Place today posted full-year operating profits at the top end of market forecasts as it signalled recovering confidence in the face of regulatory challenges due in 2010.
The firm, which is 60-percent owned by Lloyds Banking Group and combines life assurance with investment services, said operating profit on an embedded value basis was at 228.9m in 2009, up from 204.3m a year earlier.
It has 110 staff based in its Leeds office
"The current economic climate remains uncertain, and the recovery is fragile, but we begin 2010 with a little more optimism and confidence than last year," Chief executive David Bellamy said in a statement.
Advertisement
Hide AdAdvertisement
Hide AdSt James's Place shares closed at 260 pence yesterday, off a trading high this year of 296 pence in mid-January, but up from a low of 228 earlier this month.
It had already reported funds under management at 21.4 billion pounds at the end of 2009.