St James’s Place (SJP) entered Asia in 2014 when it acquired The Henley Group, an IFA firm with offices in Singapore, Hong Kong, and Shanghai.
The IIP is only available through members of the SJP partnership.
ILAS
There has been an uptick in demand for ILAS products in Hong Kong after demand plummeted six months after the regulator banned indemnity commission on the products in January 2015.
Broader proposition
Mike Gravestock, partnership director – international for SJP, said: “When looking to develop our client proposition, it made sense to consider where our approach and expertise would be best suited in providing clients with an effective financial planning strategy encompassing investment planning and tax planning, in addition to addressing clients’ protection needs.
“Providing clients with access to our distinctive investment management approach through the International Investment Plan is a very positive step and further broadens the proposition available to our Partners to help them in managing their clients’ wealth.”
Gravestock added: “In anticipating further growth of our Hong Kong business, we will look to use our experience to introduce additional enhancements to our client proposition during the course of 2017 and beyond.”
Rowan Dartington
The launch follows confirmation from Gravestock in January that SJP is set to roll out services from discretionary fund manager Rowan Dartington across its Asian unit during the first half of 2017.
Headlines
The restricted advice firm has hit headline recently where it was criticised for paying its advisers using an ‘air miles’ type system which rewards them with trips and jewellery for bringing in high levels of client investment.
It has also come under fire over claims it will not be caught out by an incoming 1% cap of exit charges on pensions, converted or transferred by anyone aged 55 and over.
SJP currently charges a fee of 6% if clients withdraw from their investment in the first year. This falls by 1% every year for six years.
The company claimed that since its charges are based on the duration the investment is held, not the age of the investor, it will not be hit by the cap.
