Wealth management giant St James’s Place (SJP) has been given an in-principle approval for a Dubai Financial Services Authority (DFSA) licence, International Adviser can exclusively reveal.
This will be the firm’s first foray into the UAE and will see it open an office in the Dubai International Financial Centre (DIFC).
There have been many rumours over the last few years about SJP looking to set up an operation in the UAE – but nothing concrete until now.
A spokesperson for SJP told IA: “We have received in-principle approval from regulators at the Dubai Financial Services Authority (DFSA) with a view to opening of a new office in the Dubai International Financial Centre.
“This is still subject to receiving formal approval and licencing from the DFSA and we will announce any further details in due course.”
This news comes a month after IA revealed that SJP is set to shut its operation in Shanghai later in 2023. SJP Asia has been operating in the region since 2014 following the acquisition of the Henley Group.
