Despite a 16.5% fall in operating profits, and a drop of 7.8% in remuneration to advisory partners, St James's Place, the UK weath manager, retained 95% of its fund business in the year to December. It also kept 95% of partners working there at the start of the year.

St James's Place is 60% controlled by Lloyds Banking Group, being supported by the government as a result of the credit crisis. The 16.5% drop in operating profits to £204.3m is struck on a European embedded value basis. Profits on standard accounting guidelines fell 16% to £80.7m. Partner remuneration fell 7.8% to £176.9m.