SJP abandons acquisition of Irish advice firm

The acquisition of Harvest Financial Services by St James’s Place has fallen through. The acquisition of the Dublin-based asset manager was announced in February last year; Harvest would have marked SJP’s first expansion into the Republic of Ireland. Harvest has €1bn in assets under management, and was seen to be a “well placed” firm for a first move into Ireland. 

St James’s Place said in a statement: “Following careful consideration, St. James’s Place has decided not to proceed with the acquisition of Harvest Financial Services Limited. This reflects a strategic decision regarding this opportunity by St. James’s Place and does not reflect in any way upon Harvest Financial Services.

“St. James’s Place looks forward to maintaining the good relationships it has established with Harvest.”

Gary Devitt, CEO at Harvest, said: “While 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.”

The deal was projected to cost SJP  €12m, according to the Irish Times.