LONDON (Reuters) – Wealth management firm St James’s Place said it would broaden its investment range and style to attract new clients after posting a fall in first-half operating profits on Wednesday.
LONDON (Reuters) – Wealth management firm St James’s Place said it would broaden its investment range and style to attract new clients after posting a fall in first-half operating profits on Wednesday.
Chief Executive David Bellamy said St James’s Place (SJP.L) was seeking to attract a new breed of clients and was planning to offer absolute return and fixed-income funds for investors keen on capital preservation. The new funds and strategy is expected to be in place within the next 12 months.
“You are looking at a managing style, which is more about the short term, I guess, and more about taking advantage of the short term,” he told Reuters.
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St James’s, which is 60 percent owned by Lloyds Banking Group (LLOY.L), posted an operating profit of 101 million pounds, down from 114.2 million a year earlier, but ahead of a market consensus of 98.1 million pounds provided by the company.
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