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  1. Wealth
July 30, 2009

Reuters: St James’s Place’s profits down by 12%

By Spear's

LONDON (Reuters) – Wealth management firm St James’s Place said it would broaden its investment range and style to attract new clients after posting a fall in first-half operating profits on Wednesday.

LONDON (Reuters) – Wealth management firm St James’s Place said it would broaden its investment range and style to attract new clients after posting a fall in first-half operating profits on Wednesday.

Chief Executive David Bellamy said St James’s Place (SJP.L) was seeking to attract a new breed of clients and was planning to offer absolute return and fixed-income funds for investors keen on capital preservation. The new funds and strategy is expected to be in place within the next 12 months.

“You are looking at a managing style, which is more about the short term, I guess, and more about taking advantage of the short term,” he told Reuters.

St James’s, which is 60 percent owned by Lloyds Banking Group (LLOY.L), posted an operating profit of 101 million pounds, down from 114.2 million a year earlier, but ahead of a market consensus of 98.1 million pounds provided by the company.

To read the full story, visit reuters.com

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