UK wealth manager St James’s Place has bought Linlithgow-based financial advice firm Policy Services (PSL).
PSL, which was founded in 2002, has been a longstanding provider of administration, fee reconciliation and advice services to partners of St James’s Place, as well as to their clients who hold non-SJP policies and plans.
Following the acquisition, PSL will now be 100%-owned by St. James’s Place and continue to operate as an independent trading entity, directly authorised by the Financial Conduct Authority.
It will retain its own name and brand and there will be no changes to business operations in order to give clients “clarity”.
Peter Edwards, establishment director at St. James’s Place, said: “This acquisition is a natural next step in the continuation of a long-standing and successful business relationship.
“We look forward to Policy Services further strengthening the services it offers to partners and clients who hold non-SJP products in their portfolios.”
The financial terms of the deal were not disclosed and the acquisition is subject to regulatory approval.