St James’s Place (SJP) principal partner Sovereign Wealth will launch in Asia via the incorporation of seven Hong Kong-based SJP partner practices to its business.
The mergers will allow Sovereign to enter the region, reports our sister publication, International Adviser.
The SJP principal partner was founded by Charles Mardon in 2007 in the UK, and it currently has £2bn ($2.7bn) in funds under management.
The newly unveiled Hong Kong entity – which will be called Sovereign Wealth Hong Kong – will manage over £250m FuM from the offset.
Justin Davies, managing partner of Hong Kong-based SJP partner firm Select Investors, will become managing partner of Sovereign Wealth HK.
International Adviser contacted SJP to confirm the seven firms that will merge with Sovereign Wealth, but the company did not reply in time for publication.
Charles Mardon, chief executive of Sovereign Wealth, said: “I am delighted to announce the launch of our new practice in Asia. It was the natural choice for us work with an existing and well-established team in the region who shares many of our core values in delivering the very best standards of financial advice, backed by strong relationships and built upon a foundation of trust and mutual respect.
“There are many exciting opportunities that this new partnership can bring to our valued clients in Asia and we are well positioned to continue our growth and success in Hong Kong.”
Oliver Wickham, chief executive of SJP Hong Kong, added: “I’m very excited to welcome Charles and Sovereign Wealth to join our Hong Kong partnership. This is a timely demonstration of our continued belief in the opportunity that exists in the wealth management space in Hong Kong.
“With clients needing and valuing professional relationship-based financial advice more than ever before. We are looking forward to working alongside Charles and the Sovereign Wealth team and have no doubt the partnership will be a huge success.”