The company to be acquired, a financial adviser, has existing teams of advisers in Singapore, Hong Kong and Shanghai and the deal is part of St James's Place's acquisition strategy to diversify its investment distribution capabilities outside the UK.
In its annual results, funds under management increased 27% to of £44.3bn from £34.8bn in 2012. Total new single investments were also up, by 22% to £7.2bn, from £5.9bn in 2012.
The yearly results showed a pre-tax profit increase of 41% to £190.7m from £134.6m in the previous year.
However its distribution arm was heavily impacted by higher staff costs and increasing the number of new partners in the firm by 10%, making a loss of £6.1m compared to a profit of £5.3m in 2012.
Over the next seven years, the company expects to be hit by the loss of tax relief which is no longer available on advice costs under RDR, at an estimated cost of up to £4m each year.
