St James’s Place funds grow as clients stay put

St James’s Place today said confidence continued to grow among its wealthy clients during the first quarter despite sluggish stock markets.

The wealth manager saw funds under management grow 3.4% to £45.8 billion since the start of the year and it said it had retained 95% of its clients.

Having announced plans to move billions of pounds it has invested with Invesco Perpetual to Woodford Investment Management — run by Invesco’s former star fund manager Neil Woodford — boss David Bellamy was upbeat about the rest of 2014.

He added: “We are also pleased about the pensions and savings initiatives in last month’s budget and fully support any steps that simplify the present regime and encourage savings for the future.”