August 1, 2018 / 6:19 AM / in 4 months

St. James's Place H1 profits up as funds boosted by net inflows

LONDON, Aug 1 (Reuters) - British wealth manager St James’s Place on Wednesday posted a 23 percent increase in operating profit, boosted by inflows of new client cash.

Operating profit on a European embedded value basis, which discounts future cashflows and is one of the main gauges of performance, was 437 million pounds ($572.30 million), up from 343 million pounds a year earlier, it said in a statement.

That helped underpin a 20 percent increase in the interim dividend to 18.49 pence a share, after the group’s various investment and wealth management products took in net inflows of 5.2 billion pounds, up from 4.3 billion pounds. ($1 = 0.7636 pounds) (Reporting by Simon Jessop, editing by Maiya Keidan)

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