With the CMS licence, SJP Asia, through its business in Singapore, will be able to operate discretionary accounts on behalf of its clients under the St. James’s Place Discretionary Portfolio Service.
SJP called the development “a significant milestone”.
Gary Harvey, chief executive of SJP Singapore, said: “We are delighted to have received approval from the MAS, and we believe this attests to our track record, management expertise and strength of our business plans.
“The licence will enable us to expand our investor base and we are excited to be growing our business in Singapore, where we have evolved from serving a primarily expatriate clientele to a trusted wealth manager for all Singapore residents.”
David Lamb, chairman of SJP Asia Investment Committee, added: “Discretionary portfolio management is an integral part of our approach to investment management and we are delighted that we will now be able to extend the offering to our clients in Singapore, giving them access to a trusted and experienced investment team and to expertly managed portfolio solutions that cater to different needs.
“As part of this discretionary service, clients can delegate the day-to-day management to us while maintaining full oversight of their portfolios and objectives, giving them greater peace of mind when planning for their financial future.”