British wealth manager St. James’s Place (SJP) has agreed to acquire Scottish financial adviser Policy Services (PSL).

The financial terms of the deal have not been divulged.

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Established in 2002 in Linlithgow, PSL is a family-owned independent financial adviser. The Scottish firm has also been providing administration, fee reconciliation and advice services to SJP partners and its non-SJP policy and plan holder clients.

PSL will continue to operate as an FCA-authorised independent trading entity even after the completion of the deal.

It will also retain its own brand name with no major changes in its business operations, SJP said in a press statement.

St. James’s Place establishment director Peter Edwards said: “I am delighted to welcome Policy Services Ltd to the St. James’s Place Group.

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“This acquisition is a natural next step in the continuation of a long-standing and successful business relationship. We look forward to Policy Services further strengthening the services it offers to Partners and clients who hold non-SJP products in their portfolios.”

Policy Services CEO David Ness said: “I am excited that Policy Services will be joining the St. James’s Place Group.

“We have been a close associate of St. James’s Place for over seventeen years and take great pride in our ability to support clients by providing them with financial advice.”

Founded in 1992, SJP offers wealth management to individuals, companies and trustees. The company has around £112.8bn of client funds under management.

Last year, SJP signed a deal to serve Expatland Global Network’s clients in Singapore.