Operating profit at UK-based wealth management group St James’s Place for the year ended 31 December 2006 was £176.0 million up 54 per cent from 2005’s £114.5 million.

Operating profit at UK-based wealth management group St James’s Place for the year ended 31 December 2006 was £176.0 million up 54 per cent from 2005’s £114.5 million. New business profits were £115.2 million compared with £67.2 million in 2005, up 71 per cent. Profit before shareholder tax was £107.6 million up 149 per cent from 2005’s £43.2 million. New business for the year of £349.1 million, measured on an annual premium equivalent, was up 58 per cent and funds under management at £15.4 billion were up 25 per cent. Mike Wilson, chairman, said: “We are delighted with the 54% increase in operating profit and the strength of the financial results in all areas. “We have now had three consecutive years of strong growth in both new business and profits. “There is an increasing need for quality financial advice and our target market is rapidly expanding. We remain convinced that the St. James’s Place Partnership gives us a real competitive edge to capitalise on opportunities going forward.”