U.K. wealth management group St. James's Place PLC Tuesday said assets under management fell 6% on the year in the first quarter but its strong growth in its pensions business went someway to offset another challenging quarter in the market.

For the three months to March 31, St. James's funds under management fell to GBP15.3 billion. Total new business fell to GBP10.5 million for the quarter from GBP14.3 million in 2008.