The international arm of wealth manager St James’s Place has been granted a Capital Markets Services (CMS) licence by the Monetary Authority of Singapore.
With the licence, SJP Asia will be able to operate discretionary fund management (DFM) services on behalf of its clients under the SJP discretionary portfolio service.
A spokesperson for the company confirmed to IA: “Assets invested through the SJP discretionary portfolio service will be held under the custodianship of Rowan Dartington.”
SJP Singapore’s DFM offering provides investors with portfolio administration and management, as well as access to a research team that handles investment opportunities globally.
Gary Harvey, chief executive of SJP Singapore, said: “The licence will enable us to expand our investor base and we are excited to be growing our business in Singapore, where we have evolved from serving a primarily expatriate clientele to a trusted wealth manager for all Singapore residents.”
The firm confirmed it was set to expand its DFM offering in Asia in its recent H1 2019 results.
SJP’s DFM subsidiary Rowan Dartington received a Hong Kong licence in 2017, and International Adviser reported it expected to obtain one in China and Singapore.
As of the end of June 2019, SJP Asia grew its adviser base to 150, while funds under management in the region increased to over £800m ($980m, €882m) and total funds under administration to over £1.2bn.