Advice firm St James’s Place (SJP) has decided not to buy Ireland-based pensions and investment firm Harvest Financial Services “following careful consideration”, it said on 12 January.
“This reflects a strategic decision regarding this opportunity by St James’s Place and does not reflect in any way upon Harvest Financial Services.”
DFM in doubt
The deal was announced in February 2019; and, at the time, SJP said it would look to expand its discretionary fund management (DFM) offering, Rowan Dartington, to the Republic of Ireland.
This would have been possible once Harvest Financial Services received portfolio management permissions from the Central Bank of Ireland, which it had been set to apply for.
International Adviser asked SJP whether the firm still has ambitions to grow its DFM operation on the Emerald Isle.
A spokesperson for the firm said: “The decision only relates to the acquisition of Harvest Financial Services. SJP is not currently looking at other opportunities in the Republic of Ireland.”
The firm declined to comment on whether there had been any problems getting permissions from the Central Bank of Ireland.
Future ambition
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.
In February 2019, Graham Coxell, executive chairman of Rowan Dartington, said: “[The Harvest] 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.”
