St. James’s Place Wealth Management has acquired the Ireland-based pensions and investment firm Harvest Financial Services, subject to regulatory approval.
SJP said it will look to expand its discretionary fund management (DFM) offering to new clients in the Republic of Ireland once Harvest Financial Services receives portfolio management permissions from the Central Bank of Ireland, which it is set to apply for.
The UK-based wealth manager currently provides DFM services to its domestic and Hong Kong clients via its wholly-owned subsidiary Rowan Dartington, which became part of St. James’s Place Wealth Management in 2016.
Established in 1993, Dublin-headquartered Harvest Financial Services is a pension, investment and financial advisory firm with over 1,500 clients and approximately €1bn in assets under administration.
Graham Coxell, executive chairman of Rowan Dartington, said: “This acquisition supports St. James’s Place Group’s strategic growth plans of continuing to invest and extend Rowan Dartington’s proven DFM capabilities.
“With our ability to build locally orientated investment solutions, we are well placed to extend our offering into the Republic of Ireland.”
The financial terms of the deal were not disclosed.
SJP recently reported a rise in profits and funds under management for 2018 despite weakness in the global investment market.
DeVere owner buys UAE firm
Elsewhere, the chief executive and founder of the deVere Group, Nigel Green, has acquired Credence International, a UAE-based wealth management and advisory company for an undisclosed amount.
DeVere is now the owner of Credence International, which has a 26-strong team at its offices in Dubai, but not Credence’s Australian division.
Credence International will remain an independent brand and continue to be operated by its chief executive, Chris Ferguson.
“I am confident that my investment in Credence International will be of great benefit to the company’s clients,” said Green. “Together, with the talented, high-quality team at the company, I will be proactive in pursuing material benefits for clients.
“These are exciting times within the international advisory industry as companies of all sizes need to develop in order to meet evolving client expectations, market trends and regulatory requirements.”
International Adviser recently reported that Green’s company, the deVere Group, had acquired Prosperity, a financial advisory firm headquartered in Abu Dhabi.
Both purchases follow Green’s announcement at the start of the year that he was looking to make “major acquisitions” with the funds raised from the sale of deVere’s US business.
At the end of 2018, deVere announced it has agreed a deal to sell all its US operations to Hong Kong-based Brite Advisers for an undisclosed amount.