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St. James's Place FY operating profit down 5% on flows, costs

Reuters - UK Focus

LONDON, Feb 27 (Reuters) - British wealth manager St. James's Place on Thursday posted a 5% fall in full-year operating profit after gross inflows of client cash dipped amid political uncertainty and costs linked to a technology upgrade increased.

Operating profit on a European embedded value basis, a key measure of performance that discounts future cashflows, was 952 million pounds, down from 1 billion pounds a year earlier. (Reporting by Simon Jessop, editing by Sinead Cruise)