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Investment: St James's Place hits a record

The upmarket wealth manager St James's Place has said investors were getting to grips with the "new normal" of economic turmoil, low interest rates and high taxes as it posted record fourth-quarter figures.

It said investors no longer feared Europe's debt crisis and were willing to part with their money again following an uncertain few years.

"If you look at the first half of 2012, it was categorised by fear," said chief executive David Bellamy. However, he added: "I'm not sure whether it was down to the Jubilee or the Olympics but things became a lot more positive in the second half."

FTSE 250 group St James's Place, which sells products to people with at least £100,000 to invest, saw new business sales rise 46 per cent to £223.8m. Its funds under management stand at £34.8bn.