© Reuters. St. James’s Place full-year operating profit down 5% on flows, costs

LONDON (Reuters) – British wealth manager St. James’s Place (L:) 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.

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