Wealth manager St James’s Place has increased adviser numbers by 10% in the past year to 3,415, according to its annual results for 2016 published today.

SJP reported a big rise in net asset value for 2016 and said that its European embedded value (EEV) measure of new business profit increased 18% to £520.2m in 2016 from a year earlier. Operating profits were up 2% to £673.6m although the group's pre-tax profits fell 7% to £140.6m.

The company said that new business profit for the year was £520.2m, up from £440.7m the year before. It has increased its final dividend by 20% to 20.57 pence per share, compared to 17.4p for 2015. 

The group reported gross inflows of £11.4 billion (2015: £9.2 billion) and net inflow of funds under management of £6.8 billion (2015: £5.8 billion). Funds under management rose to £75.3 billion (2015: £58.6 billion)

David Bellamy, the current chief executive who will stand down later this year after 11 years to make way for Andrew Croft, said: "Despite the economic and political uncertainty, challenging markets and the surprising political events, St. James's Place once again achieved strong growth across all key aspects of the business, resulting in another record year of new investments, funds under management and operating profits.

“At the heart of our sustained growth is our commitment to achieving good outcomes for our clients and the importance we place on building long term relationships. That very nearly 90% of new investments come from existing clients, referrals and introductions and 99% of our clients, who responded to our recent survey, feel our proposition offers value for money, is testament to the fact that we are doing this.

“We entered 2017 with a stronger adviser team, a more diversified investment proposition and a greater need for advice clients can rely on. We remain committed to relationship-based advice and believe we are better placed than ever to serve our clients well and for the opportunities that lie ahead."