First Quarter New Business

St. James's Place Capital PLC
1 May 2003

                                                                      1 May 2003

           New Business Figures for the 3 months ended 31 March 2003


St. James's Place Capital plc ('SJPC'), the wealth management group, today
announces its new business figures for the 3 months ended 31 March 2003.


The text of the announcement is attached:

Enquiries:

Mike Wilson, Chief Executive                             Tel:   [phone]

Nitya Bolam, Brunswick                                   Tel:   [phone]


                            ST. JAMES'S PLACE GROUP
                              NEW BUSINESS FIGURES
                               FIRST QUARTER 2003


•           Long Term Savings


New Business*                     £31.5 million      (2002: £39.2 million)

    New Lump Sums*                £206.0 million

    New Sums Assured              £1.0 billion

    Funds under Management        £5.6 billion


•           Wealth Management Services


Gross fees generated      £3.7 million       (2002: £11.7 million for full year)

* see note 1

Mike Wilson, Group Chief Executive, commented:


'New Business from Long Term Savings in the UK continued to reflect the
uncertainty in investment markets.  We were pleased to see a 7% increase in
regular premium Protection sales, particularly since our Protection Panel was
only introduced in February, and the continued growth in fees from our Wealth
Management Services.


'We remain confident that marketing a wide range of best of breed products and
services through our team of high quality advisers, the St. James's Place
Partnership, puts us in a strong position to benefit from both depolarisation
and a recovery in market sentiment.'


                            ST. JAMES'S PLACE GROUP
                              NEW BUSINESS FIGURES
                               FIRST QUARTER 2003
                               LONG TERM SAVINGS

                                                Unaudited
                                                3 Months to
                                               31 March 2003
NEW PREMIUMS
                                            2003        2002       Change
                                                                2002/2003

                                             £'m         £'m

New Regular Premiums
     Pensions**                              6.2         7.4        (16%)
     Protection                              4.7         4.4           7%

                                            10.9        11.8         (8%)

New Single Premiums
     Investment                            119.4       146.1        (18%)
     Pensions                               40.8        65.0        (37%)

                                           160.2       211.1        (24%)

Unit Trust Sales                            45.8        63.0        (27%)
(including PEPs and ISAs)


NEW BUSINESS                                2003        2002       Change
(RP + 1/10th SP)                                                2002/2003

                                             £'m         £'m

Investment                                  16.5        21.0        (21%)
Pensions                                    10.3        13.8        (25%)
Protection                                   4.7         4.4           7%

Total                                       31.5        39.2        (20%)

**see note 2


                            ST. JAMES'S PLACE GROUP
                             NEW BUSINESS FIGURES
                              FIRST QUARTER 2003

                                     Notes

1.        New Business from Long Term Savings is calculated following the
          convention in the life assurance industry, by adding together new
          regular premiums and one-tenth of single premiums and unit trust          
          sales.  New Lump Sums are calculated by adding new single premiums to 
          new unit trust sales.

2.        Pensions regular premiums include £0.1 million of investment regular 
          premiums in 2002.

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 £2.7 million new regular premiums (2002: 
          £2.5 million) and £4.6 million single premiums (2002: £7.4 million).  
          This equates to £3.2 million New Business premiums (2002: £3.2 
          million).

4.        Sales of externally provided Protection business, comprising 
          Protection business through a panel of providers (BUPA, Norwich Union, 
          Scottish Equitable and Scottish Mutual) and Group Employee
          Benefits through Swiss Life, have been included in the reported 
          figures.  These have been included under 'Regular Premiums Protection' 
          and amount to £0.5 million of new regular premiums (2002: £0.3 
          million).


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