UPDATE 1-St. James's Place funds surge to record 41.8 bln stg

Thu Oct 24, 2013 2:22am EDT

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LONDON Oct 24 (Reuters) - Upmarket British wealth manager St James's Place reported a record level of funds under management on Thursday, boosted by buoyant markets and a surge in inflows as investor confidence returns.

The company said its most closely watched measure of sales, which combines regular and single premiums, was 203.9 million pounds ($329.7 million)in the three months to end-September, up 23 percent on a year ago.

Net inflows of funds under management was 37 percent higher at 1.03 billion pounds, taking total funds under management to a record 41.8 billion pounds.

"The momentum in our business is such that we remain confident in our ability to deliver growth in line with our objectives during the final quarter of 2013 and beyond," Chief Executive David Bellamy said in the statement.

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