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Interim Management ReportFinancial CommentarycontinuedRelated Party TransactionsThe related party transactions during the first six month period are set out in Note 14 to the condensed halfyear statements.Concluding RemarksAs I commented in the opening remarks of this commentary the performance of the business in the first half ofthe year has been strong, particularly given the fragile economic environment and volatile stock markets.Andrew Croft27 July 201128St. James’s Place plc Registered No. 3183415
Interim Management ReportPrincipal Risks and UncertaintiesA comprehensive review of the principal risks and uncertainties facing the business, and the Group’s approachto managing these risks and uncertainties, are outlined on pages 24 to 30 of the 2010 Annual Report under theRisk and Risk Management section. These principal risks and uncertainties have not changed materially sincethe 2010 Annual Report. A summary of those principal key risks and uncertainties which could impact theGroup for the remainder of the current financial year are outlined below.RISK/UNCERTAINTYDistribution capabilityInvestment management approachOutsourcingCompetitor activityShareholder fundsAdviceRetail Distribution ReviewRegulatory, legislative and taxenvironmentDESCRIPTIONThe Group’s distribution strength is eroded due to an inability torecruit and retain Partners of the appropriate quality.Our approach to investment management fails to deliver expectedreturns to clients of the Group.The Group’s dependence on outsourcing comes under threat becauseany of its key investment management or administration businesspartners decide to exit the market, significantly revise their strategyor fail.A major and successful new entrant to the adviser-based wealthmanagement market has an impact on the success of SJP’s business.The value of shareholders’ funds decrease, thereby reducing the capitalavailable to support the business.Advice given by an individual Partner or authorised by the Group isdeemed unsuitable leading to regulatory censure, redress costs andpotential reputational damage.Changes arising from the Retail Distribution Review, particularly inrelation to professionalism and adviser charging, adversely impacts theGroup.Changes in the wider regulatory environment, supervisory approachor legislative and tax environments has an adverse impact on theGroup’s business.Half Year Report 201129
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