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.

St James's Place profits down 60.5% in 2002

Pirkko Juntunen

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