4th Quarter New Business

St. James's Place Capital PLC
20 January 2005


                     27 St. James's Place, London SW1A 1NR
                Telephone [phone] Facsimile 020 7493 2382



                                 PRESS RELEASE

                                                                20 January 2005

                              NEW BUSINESS FIGURES
                              TO 31 DECEMBER 2004


St. James's Place Capital plc ('SJPC'), the wealth management group, today
announces its new business figures to 31 December 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 31 DECEMBER 2004

                        2004 NEW BUSINESS GROWTH OF 19%

                                             Twelve months to            Change
                                             31 December 2004

•  Long Term Savings

   New Business*
     Investment                                 £95.3 million              +19%
     Pensions                                   £56.2 million              +27%
     Protection                                 £25.8 million               +4%

     Total                                     £177.3 million              +19%
* see note 1

•  Wealth Management Services

   Gross fees generated                         £21.2 million               +2%

•  Funds under Management at £9.5 billion up 20% since the start of the year

•  The size of the St. James's Place Partnership increased from 1,124 to 1,131 
   over the twelve months



    Mark Lund, Chief Executive, commented:

    'We are delighted to announce strong growth of 19% in our long term savings
    business including increases across all classes of business.

    'We are particularly pleased to see new single premiums of £1.2 billion
    which includes a 32% increase in Unit Trust business. Other highlights
    include a 27% increase in Pensions business and a 20% increase in Funds
    under Management, up £1.6 billion at £9.5 billion.

    'We believe that our proven 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 to capitalise on the opportunities
    arising from depolarisation and pensions simplification.'







                              ST. JAMES'S PLACE GROUP
                                NEW BUSINESS FIGURES
                                TO 31 DECEMBER 2004
                                 LONG TERM SAVINGS

                                Unaudited                               Unaudited
                               3 Months to                            12 Months to
                            31 December 2004                        31 December 2004

    NEW PREMIUMS    2004        2003        Change          2004        2003        Change
                     £'m         £'m             %           £'m         £'m             %
    New Regular
    Premiums
      Pensions*      7.5         6.9             9%         29.9        25.5            17%
      Protection     6.8         7.5            (9%)        25.8        24.9             4%

                    14.3        14.4            (1%)        55.7        50.4            11%

    New Single
    Premiums
      Investment   190.1       202.1            (6%)       675.8       586.9            15%
      Pensions      71.6        54.0            33%        264.5       189.4            40%

                   261.7       256.1             2%        940.3       776.3            21%

    Unit Trust Sales
    (including PEPs
    and ISAs)       62.3        58.7            6%         275.3       207.8            32%




                               Unaudited                                  Unaudited
                              3 Months to                               12 Months to
                           31 December 2004                           31 December 2004
    NEW BUSINESS     2004       2003      Change             2004        2003         Change
   (RP + 1/10th SP)   £'m        £'m           %              £'m         £'m              %

    Investment       25.2       26.1         (3%)            95.3        79.8            19%
    Pensions         14.7       12.3         20%             56.2        44.1            27%
    Protection        6.8        7.5         (9%)            25.8        24.9             4%
                     -----      -----       -----           -----       ------          ----
         Total       46.7       45.9          2%            177.3       148.8            19%
                     -----      -----       -----           -----       ------          ----


* see note 2 to the New Business figures

                              ST. JAMES'S PLACE GROUP
                       ADDITIONAL WEALTH MANAGEMENT SERVICES
                              KEY BUSINESS HIGHLIGHTS
                                TO 31 DECEMBER 2004
                                     Unaudited

Gross fees generated from additional                £21.2m up 2% (2003: £20.8m)
wealth management services

                                                                   12 Months to
                                                               31 December 2004

New Mortgage Advances

St. James's Place Bank                                                  £401.2m
Other lenders                                                         £3,771.3m

Portfolio Management Services

New portfolios                                                           £43.8m

Trust and Estate Planning Services

Number of cases                                                           1,295

St. James's Place Bank - in force business

*Number of facilities                                                    61,179
Number of accounts                                                       22,247
Credit balances                                                         £617.4m
Mortgages                                                             £1,159.1m
Average mortgage value                                                  £165.8k
Loans and credit cards                                                   £25.7m

*Number of facilities denotes the number of individual mortgages, personal loans,
credit cards, current accounts and savings accounts, where one client may hold 
a number of facilities. The average number of facilities per client is 2.75.


                              ST. JAMES'S PLACE GROUP
                                NEW BUSINESS FIGURES
                                TO 31 DECEMBER 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 twelve months to 31 December 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 £16.5 million regular premiums (2003: £12.0 million) and
        £24.2 million single premiums (2003: £21.2 million) for the twelve months
        to 31 December 2004. This equates to £18.9 million New Business premiums
        (2003: £14.1 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 £13.9 million of new regular premiums (2003: £10.4 million)
        for the twelve months to 31 December 2004. This equates to £13.9 million 
        New Business premiums (2003: £10.4 million).

    5.  Shareholders were previously notified in the 2004 Interim Report of
        forthcoming one-off costs in the second half of the year, relating to
        our commitment to having leading compliance standards. These costs will
        be included within 'other' profit in our full year results, which will
        be released on 1 March 2005.






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