3rd Quarter New Business

St. James's Place Capital PLC
27 October 2004

                                                                 27 October 2004

                              NEW BUSINESS FIGURES
                              TO 30 SEPTEMBER 2004


St. James's Place Capital plc ('SJPC'), the wealth management group, today
announces its new business figures to 30 September 2004.

The text of the announcement is attached:

Enquiries:

Mark Lund, Chief Executive                     Tel: [phone]

Nitya Bolam, Brunswick                         Tel: [phone]




                            ST. JAMES'S PLACE GROUP
                              NEW BUSINESS FIGURES
                              TO 30 SEPTEMBER 2004

                   NEW BUSINESS FOR FIRST NINE MONTHS UP 27%

                                     Nine months to                      Change
                                     30 September 2004

• Long Term Savings

  New Business*
   Investment                         £70.1 million                        +31%
   Pensions                           £41.5 million                        +31%
   Protection                         £19.0 million                         +9%

   Total                              £130.6 million                       +27%
* see note 1

• Wealth Management Services

  Gross fees generated                £15.1 million                        +11%

• Funds under Management at £8.7 billion, up 10% since the start of the year 
  and up 21% over the previous twelve months


  Mark Lund, Chief Executive, commented:

  'We are delighted with the continuing strong growth in our long term savings 
  business. This has been achieved across all classes of business.

  'Whilst we are now running against the very strong final quarter of last year,
  which accounted for 30% of all new business in 2003, we remain confident that 
  our growth in new business will have outperformed the sector in 2004.

  'We believe that our adviser based approach to wealth management, built
  around the experienced members of the St. James's Place Partnership, puts us
  in a uniquely strong position in this increasingly important market.'




                              ST. JAMES'S PLACE GROUP
                                NEW BUSINESS FIGURES
                                TO 30 SEPTEMBER 2004
                                 LONG TERM SAVINGS

                             Unaudited                               Unaudited
                            3 Months to                             9 Months to
                         30 September 2004                       30 September 2004
    NEW PREMIUMS    2004        2003        Change          2004        2003        Change
                     £'m         £'m             %           £'m         £'m             %
    New Regular
    Premiums
      Pensions*      8.2         5.4            52%         22.4        18.6            20%
      Protection     6.4         6.5            (2%)        19.0        17.4             9%

                    14.6        11.9            23%         41.4        36.0            15%

    New Single
    Premiums
      Investment   146.1       131.1            11%        485.7       384.8            26%
      Pensions      60.0        48.0            25%        192.9       135.4            42%

                   206.1       179.1            15%        678.6       520.2            30%

    Unit Trust Sales
    (including PEPs
     and ISAs)      53.3        42.6            25%        213.0       149.1            43%





                               Unaudited                              Unaudited
                              3 Months to                            9 Months to
                          30 September 2004                       30 September 2004
    NEW BUSINESS     2004       2003          Change       2004         2003         Change
   (RP + 1/10th SP)   £'m        £'m             %          £'m          £'m              %

    Investment       20.0       17.6            14%         70.1         53.7           31%
    Pensions         14.2       10.0            42%         41.5         31.8           31%
    Protection        6.4        6.5            (2%)        19.0         17.4            9%

                     ------     ------       -------       -------      -------       -----
    Total            40.6       34.1            19%         130.6       102.9           27%
                     ------     ------       -------       --------     -------       -----

* see note 2 to the New Business figures


                              ST. JAMES'S PLACE GROUP
                                NEW BUSINESS FIGURES
                                TO 30 SEPTEMBER 2004

                                       Notes

    1.  New Business from Long Term Savings is calculated in accordance with the 
        life assurance industry convention, by adding together new regular 
        premiums and one-tenth of single premiums.

    2.  Pensions regular premiums include £0.2 million of investment regular
        premiums for the nine months to 30 September 2004 (2003: £0.3 million).

    3.  Sales of Stakeholder pensions by St. James's Place Partnership have been
        included in the reported figures. These have been included under
        'Pensions' and amount to £12.5 million regular premiums (2003: £8.5 
        million) and £18.7 million single premiums (2003: £16.8 million) for the
        nine months to 30 September 2004. This equates to £14.4 million New
        Business premiums (2003: £10.2 million).

    4.  Sales of Protection business through a panel of providers have been 
        included in the reported figures under 'Regular Premiums Protection'.  
        These amount to £11.1 million of new regular premiums (2003: £6.6 
        million) for the nine months to 30 September 2004. This equates to £11.1 
        million New Business premiums (2003: £6.6million).



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