Profits for St.James's Place Group, the wealth and investment management firm, fell by 60.5% in 2002 to £42.4m (€62.4m) from £107.5m in 2001.

The firm's assets under management also dropped 6% year-on-year to £5.9bn. Sir Mark Weinberg, chairman, said that profits had been hit by difficult markets, but that he believes the firm's business model is as sound as ever.