continued - St James's Place

Interim Management ReportInterim StatementcontinuedOur investment proposition for clients continues tobroaden and we will see the addition of three newmanagers later in the year when we launch our newGlobal Equity Fund. We now have over 30 first classinvestment managers to manage our clients’ funds,together with a range of new ‘model’ portfoliosdesigned to match a wide variety of individualcircumstances. The breadth of our fund offeringprovides an excellent platform to continue to growour funds under management in the coming years.The St. James’s Place PartnershipDuring the first six months of the year we continued toattract high quality advisers to the Partnership with thesize of the Partnership increasing by a net 49 (2010: 42)to 1,601, an increase of 3.2%. Whilst we continue tosee a positive recruitment outlook, later this year weintend to re-launch our Academy programme, to trainselected individuals to become Partners, as asupplement to recruitment going forward.Partner productivity, on an APE basis, continued toimprove with an increase of 8%.During the six months a further 343 Partners reachedthe new higher level of qualification required by theFSA rules that come into force at the end of 2012.Nearly 60% of the Partnership is now diplomaqualified with a further 25% within one or two examsof qualifying. This is a significant achievement and weextend our congratulations to all those who havepassed exams in the first half of the year.Partners and employeesThe continued strong growth in new business andprofits in the last six months are a credit to the hardwork and dedication of our Partners and employees.On behalf of the Board and shareholders we thankeveryone connected to St. James’s Place for theircontribution to these strong results and for theircontinued enthusiasm, dedication and commitment.OutlookWe continue to attract new funds from both new andexisting clients who value the advice offered by thePartners, the breadth of the investment propositionand the quality of service. This recognises the factthat, despite the continued weakness in the economy,the need for financial advice and prudent investmentfor the future is as great as ever.We therefore believe that our model of face to faceadvice and our client offering leaves us well placed togrow the business in line with previously statedgrowth objectives.Mike WilsoNdavid BellamyChairmanchief Executive27 July 2011 27 July 201106St. James’s Place plc. Registered No. 3183415