In the year to 31 December 2006, London-based HBOS wealth management subsidiary St James’s Place reported new business up 58 per cent to £34...

In the year to 31 December 2006, London-based HBOS wealth management subsidiary St James’s Place reported new business up 58 per cent to £349 million ($684 million) from £221 million and funds under management at £15.4 billion, up 25 per cent since the start of the year. Gross fees derived from wealth management services generated £35.7 million, up 26 per cent. Chairman Mike Wilson said: “We are delighted with our new business results for 2006 particularly because this follows strong growth in the previous two years. The growth in each quarter last year was in excess of 50 per cent, exceeding our expectations. Our longer-term growth target for new business remains 15-20 per cent per annum.”