Wealth manager St James's Place eyes long-haul expansion in Asia

UK-BASED St James's Place Wealth Management (SJP) has set its sights on expansion in Asia beyond its traditional core market of UK expatriates. The firm recently opened a new office in Raffles Place, signalling its commitment to strengthen its presence.

Said David Bellamy, the firm's chief executive: "We'll continue our evolutionary process in Asia. This is a relatively new market for us. We're learning and having some success, and we want to develop and grow this business. This isn't a quick win for us. The strategy for the next 10 to 15 years is to gradually grow this business, sensibly work with the local community and advisers and we'll see how we go."

SJP started in the UK in 1992 as a life assurance company with the backing of the J Rothschild Assurance Group. In the 1990s, the firm decided to focus on wealth management. It was listed on the London stock exchange in 1997.