By Nishant Kumar
LONDON (Reuters) - St. James's Place's (L:SJP) funds under management rose to record levels last year as the British wealth manager thanks to increased inflows and the addition of new clients.
Funds under management rose 17 percent to 52 billion pounds lifted by 5.1 billion pounds of net new money, a fifth more than the previous year.
Affluent British investors are taking advantage of recent reforms that have raised the amount they can put into tax-free individual savings accounts (ISAs), lifting the prospects for wealth managers such as St. James's Place.
The firm also added more than 50,000 new clients during the year, the British wealth manager said on Thursday.
"Despite the uncertainty that markets face in 2015, the momentum of our business, coupled with the increasing need for professional financial advice, reinforces our confidence in the future growth opportunities," Chief Executive David Bellamy said in a statement.
The 2014 figures highlight the trend of rising assets, which have grown by an annual 19 percent over the past 10 years, the money manager added.