UK wealth manager St James's Place said sales of its investment products fell by 4.9 per cent in the first quarter of 2009.

The firm, which is 60 per cent owned by Lloyds Banking Group, reported £93.8 million ($136.6 million) in net sales at the end of the three months to 31 March compared with £98.7 million a year ago.

The wealth manager, which manages assets for and sells pension products to wealthy individuals, said assets under management stood at £15.3 billion versus £17.2 billion a year earlier. Net inflows were £711 million, which compared with £759 million a year earlier.