UK-based wealth manager St James’s Place (SJP) has abandoned its plan to acquire Irish pensions and investment firm Harvest Financial Services, almost a year after it was announced.
According to a spokesperson from SJP, the decision to terminate the deal “does not reflect in any way upon Harvest Financial Services”.
The British wealth manager further noted that it “looks forward to maintaining the good relationships it has established with Harvest”.
Similar views were echoed by Harvest despite the termination of the deal.
“Whilst this outcome is, of itself, disappointing, we have learned much from our engagement with St James’s Place, and indeed look forward to maintaining a strong relationship with them going forward,” Harvest CEO Gerry Devitt was quoted as saying by The Irish Times.
SJP agreed to buy Dublin-based Harvest last February, without disclosing the financial terms.
Through the deal, SJP aimed to extend its discretionary fund management (DFM) services to Ireland. The firm already provides DFM services in the UK and Hong Kong through its unit Rowan Dartington.
Harvest was set up in 1993. At the time of the SJP deal’s announcement, Harvest had over 1,500 clients, more than 50 employees and around €1bn in assets under administration and advice.
SJP recently also snapped up Scottish financial adviser Policy Services (PSL). PSL will continue to operate as an independent trading entity authorised by the FCA and retain its brand.