St. James’s Place, the UK-listed wealth management group, said total new business in the first three months of this year rose by almost a third year-on-year – 31 per cent – to £199.2 million ($305.1 million).

The firm reported net inflows of funds under management of £947 million in the quarter, up from £698 million a year before. There was 95 per cent retention of existing client funds, the firm said in a statement today.

Funds under management stood at £39 billion, at the end of the quarter, representing an increase of £4.2 billion in the quarter, up 12 per cent year to date and up by 26 per cent over the last 12 months.

Investment premiums were £32.8 million in the quarter, up from £18.5 million a year before, amounting to £3.3 million (2012: £1.8 million) on an annual premium equivalent basis.

“These excellent results were driven by a number of factors, including improved investor sentiment, the sustained low interest rate environment, the breadth and quality of our investment proposition, high levels of client satisfaction and the growth in advisor numbers,” David Bellamy, chief executive at St James’s Place, said in the statement.

“Whilst we face more challenging comparatives later in the year, the above factors together with the continued strong growth in the partnership and the good momentum we have across all aspects of our business gives us confidence in our ability to deliver future growth,” he said.