St James’s Place is in advanced talks to acquire the Henley Group, an advice firm with offices in Shanghai, Singapore and Hong Kong.
In its annual results for 2013, published this week, SJP says it expects to announce the deal shortly.
Pre-tax profits increased 41 per cent year-on-year from £134.6m to £190.7m, although its distribution arm posted a £6.1m loss, compared to a £5.3m profit for 2012.
This was driven by a Financial Services Compensation Scheme levy of £5.5m and recruitment costs after the company saw a 9.5 per cent increase in adviser numbers from 1,788 to 1,958. The firm also says the loss of tax relief on advice will hit profits by up to £4m each year for the next seven years.
Chief executive David Bellamy says: “The plan with the acquisition is to offer the same SJP service in Asia as we do here.”
Funds under management grew 27 per cent year-on-year from £34.8bn in 2012 to £44.3bn in 2013.
Total single new investments reached £7.2bn in 2013, up 22 per cent from £5.9bn in 2012.
SJP also confirmed IFDS had taken control of administration of its onshore investment business. It is currently working on a project to create a unified back-office system.