4th Quarter New Business

St. James's Place Capital PLC
23 January 2003

                            ST. JAMES'S PLACE GROUP
                              NEW BUSINESS FIGURES
                      FOR THE YEAR ENDED 31 DECEMBER 2002


St. James's Place Capital plc ('SJPC'), the Wealth Management Group, today
announces new business figures for the year ended 31 December 2002.


Enquiries:

     Mike Wilson, Chief Executive                         Tel: [phone]

     Martin Moule, Finance Director                       Tel: [phone]

     Nitya Bolam, Brunswick                               Tel: [phone]



                            ST. JAMES'S PLACE GROUP

               SUBSTANTIAL INCREASE IN WEALTH MANAGEMENT SERVICES

While the long term business fell as a result of the difficult investment
conditions, fees from the successful Wealth Management Services more than
doubled.

• Long term savings

New Business*                                  £154.7 million       -22%

     New Lump Sums*                            £1.0 billion

     New Sums Assured                          £4.6 billion

     Funds under Management                    £5.9 billion


• Wealth Management Services

Gross fees generated                           £11.7 million        +134%

     Total mortgages arranged                  £2.2 billion

     New bank credit balances                  £194 million


* see note 1


Mike Wilson, Chief Executive, commented:

'We are delighted that business from our Wealth Management Services has
increased each quarter, confirming the appeal to clients of dealing face-to-face
with experienced advisers.'


                              ST. JAMES'S PLACE GROUP
                               NEW BUSINESS FIGURES
                        FOR THE YEAR ENDED 31 DECEMBER 2002
                                LONG TERM SAVINGS


                                        Unaudited                                     Unaudited
                                       3 Months to                                   Year ended
                                     31 December 2002                              31 December 2002

                               2002      2001           Change               2002        2001         Change
                                £'m       £'m                %                £'m         £'m              %

New Regular Premiums

     Investment                 0.1       0.5            (80%)                0.4         1.7          (76%)
     Pensions                   7.8       9.8            (20%)               29.3        44.8          (35%)
     Protection                 5.7       8.2            (30%)               20.4        24.2          (16%)

                               13.6      18.5            (26%)               50.1        70.7          (29%)

New Single Premiums

     Investment               140.1     190.1            (26%)              578.8       772.8          (25%)
     Pensions                  54.8      85.8            (36%)              224.9       252.8          (11%)

                              194.9     275.9            (29%)              803.7      1025.6          (22%)

Unit Trust Sales
(including PEPs and            40.2      62.1            (35%)              242.3       313.3          (23%)
ISAs)

                                       3 Months to                                    Year ended
                                     31 December 2002                              31 December 2002

Total New Business                                                                         
(RP + 1/10th SP)              2002       2001           Change                2002         2001        Change
                               £'m        £'m                %                 £'m          £'m             %

Investment                    18.1       25.7            (30%)                82.5        110.3          (25%)
Pensions                      13.3       18.4            (28%)                51.8         70.1          (26%)
Protection                     5.7        8.2            (30%)                20.4         24.2          (16%)

Total                         37.1       52.3            (29%)               154.7        204.6          (24%)

Revised Total                 37.1       52.3            (29%)               154.7        198.9          (22%)
(see note 3)



                            ST. JAMES'S PLACE GROUP
                              NEW BUSINESS FIGURES
                      FOR THE YEAR ENDED 31 DECEMBER 2002
                           WEALTH MANAGEMENT SERVICES

St James's Place Bank

Number of facilities                                                     22,519*
Number of new accounts                                                    7,935
New mortgage advances                                                   £767.4m
New credit balances                                                     £194.0m

Panel Mortgages (Panel of providers excluding St. James's Place Bank)

New mortgage advances                                                 £1,406.6m

Portfolio Management Services (Laing and Cruickshank, Quilters)

New portfolios                                                           £55.7m


Employee Benefits (Swiss Life)

Sums assured:
Group life                                                               £56.9m
Critical illness                                                          £8.2m
PHI                                                                  £18.9m p.a.

Trust and Estate Planning Services (Simmons and Simmons, Halliwell Landau)

Number of cases                                                             616

Gross fees generated from wealth 
management services                                                      £11.7m


* Number of facilities denotes the number of individual mortgages, personal
loans, credit cards, current accounts and savings accounts, where a client may
hold a number of facilities.  The average number of facilities per client is
2.7.


                            ST. JAMES'S PLACE GROUP
                              NEW BUSINESS FIGURES
                      FOR THE YEAR ENDED 31 DECEMBER 2002

                                     Notes



1.  New Business is calculated following the convention in the life
assurance industry, by adding together new regular premiums and one tenth of
single premiums.

New Lump Sums are calculated by adding new single premiums to new unit trust
sales.

2.  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 £10.7 million regular premiums (2001: £8.3 million)
and £17.5 million single premiums (2001: £6.9 million).  This equates to £12.4 
million New Business premiums.

3.  During the second quarter of 2001 the tax treatment of self-employed
pension plans changed so that premiums were paid net of tax relief rather than
gross.  SJP Group offered policyholders the facility to increase contributions
so their net contribution remained unchanged.  The overwhelming proportion of
policyholders left their existing direct debits in force.  This generated a one
off increase in annual premiums of £5.7 million per annum.

4.  Fees for Wealth Management Services were £1.9 million in the first
quarter, £2.8 million in the second quarter, £3.4 million in the third quarter
and £3.6 million in the fourth quarter, making a total of £11.7 million year to
date.

5.  The size of the St. James's Place Partnership decreased from 1121 to
1101 during the year.  This was as a result of lower recruitment numbers than in
2001 and the Company's continuing policy of recruiting high quality producers
and only retaining Partners who are likely to be profitable in the medium term.

In the second half of the year many potential joiners, particularly IFAs,
delayed their decision pending the outcome of the review of polarisation.  There
was also an increase in the number of leavers reflecting difficult market
conditions. However, including those retiring, the Partners who left in 2002
accounted for only 4% of the Group's new business in 2001.

6.  Calculation of Achieved Profits - to aid comparability with previous
accounting periods, SJPC will continue to produce Supplementary Achieved Profits
information for its core business on the basis of using smoothed asset values
for projecting future cash flows.  Additional information will also be given
showing the effects of using un-smoothed asset values.


                      This information is provided by RNS
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