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St. James's Place says FY profits buoyed by rising funds income
February 28, 2017 / 7:25 AM / 9 months ago

St. James's Place says FY profits buoyed by rising funds income

LONDON, Feb 28 (Reuters) - British wealth manager St. James’s Place said on Tuesday posted full-year underlying profit before tax of 163.5 million pounds ($203.12 million), in line with previous year, after increased income from its funds under management.

Operating profit on a European embedded value (EEV) basis, which discounts future cashflows, rose 2 percent on the year to 673.6 million pounds, up from 660.2 million pounds a year earlier, it said in a statement.

The firm said it would pay a final dividend of 20.67 pence a share, up 20 percent, to take the total dividend for the year up 18 percent to 33 pence a share.

St James’s Place said it had seen record gross inflows of 11.4 billion pounds into its products in 2016, up from 9.2 billion pounds in 2015, to take total assets to 75.3 billion pounds, with net inflows of 6.8 billion pounds. ($1 = 0.8050 pounds) (Reporting by Simon Jessop, editing by Maiya Keidan)

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