St James's Place  

SJP reveals DFM expansion plans

SJP reveals DFM expansion plans

St James's Place will target growth in the discretionary fund management (DFM) market in the years to come.

This is according to Graham Coxell, chairman of Rowan Dartington, the DFM business owned by St James's Place.

Mr Coxell claimed while SJP has a 12 to 15 per cent share of the UK advice market, the assets of their DFM business are £2.5bn.

He said: "There is plenty of room for that to grow in the UK. We think there are three ways it can grow, organically, which we absolutely want to do.

"There will be what I call semi-organic, that is, St James's Place do the acquiring, and it plugs in with the rest of the business, and then there will be acquisitions from us at Rowan Dartington. As a DFM we have not seen margin pressure."

He was speaking in the context of the company purchasing Harvest Financial Services in Ireland.

The company will in the short term carry the branding of Harvest, with the addition of a "A St James's Place company".

All of the products sold will be those of the parent company.

The asset allocation will be performed by Rowan Dartington staff in the UK.

When pushed on plans for Ireland-based Harvest, Mr Coxell said: "It will be local service for the local population, but the products will all be those of St James's Place.

"The attraction for us is that Harvest have the wrappers and the trustee capability, and we have the products so it is a natural fit."

Mr Coxell said the company will open an office in Singapore later this year, and intends to expand its offering in Hong Kong.

In Hong Kong the offering had been aimed primarily at the expatriate community, but this will now be rolled out to the wider population.  

david.thorpe@ft.com