St James's Place, the Cirencester-based wealth management group, has announced record annual results for 2017.

The group said EEV (European embedded value) new business profit for the year was up 50 per cent at £779.8 million with an operating profit of £918.5 million - an increase of 36 per cent.

St James's Place, which now has 3,661 advisers across its partnership businesses, also reported record gross inflows of £14.6 billion (2016: £11.4 billion).

Total funds under management were at an all-time high of £90.7 billion compared with £75.3 billion in 2016.

Andrew Croft, St James's Place chief executive (pictured), said: "I am very pleased to confirm that this record new business performance is reflected in the strong financial performance, across all measures, that we are reporting today.

"Given the strong performance of the business, the board has proposed a final dividend of 27.45 pence per share, up 33 per cent which brings the full year dividend to 42.86 pence per share, up 30 per cent.

"I believe there are great opportunities ahead for St. James's Place. Our core target market is already large and forecast to grow further still, driven by favourable demographic trends and the accumulation of investable assets as savers take on the responsibility for providing for their own well-being in retirement.

"Meanwhile, the environment for UK savers seeking to plan their long-term financial affairs has rarely felt more difficult whether due to complexities around personal taxation, pensions freedoms, or the implications of a sustained low interest rate environment.

"As a result, demand for trusted, personal face-to-face advice has never been greater. With our focus on developing long-term relationships that span client generations, our advisers can provide a level of tailored and expert advice that clients truly value.

"We have a clear and compelling client proposition that I believe stands St. James's Place in great stead to capture the market opportunities ahead."

He added: "Our continuing focus on achieving the best possible outcomes for our clients, through the provision of sound personal financial advice, together with our distinctive approach to the management of their wealth, gives us confidence that we will continue to grow our business, in line with our stated medium-term objective of 15 -20 per cent in 2018 and beyond."

Picture credit: St James's Place