Wealth manager St James’s Place has acquired the Scottish financial adviser firm Policy Services Ltd, a long-standing admin supplier to the company, for an undisclosed sum.

Policy Services, based in Linlithgow and employing 55 staff, has been a longstanding provider of administration, fee reconciliation and advice services to partners of SJP and their clients who hold non-SJP policies and plans.

Policy Services describes itself as a ‘family-run’ independent financial adviser. It was formed in 2002 in the founder's garage in Linlithgow.

SJP says that following the deal, PSL will be 100% owned by St. James's Place and will continue to operate as an independent entity directly authorised by the FCA.

It will also retain its own name and brand and there will be no changes to business operations at PSL.

SJP said: “The acquisition and this closer alignment of the businesses gives even greater clarity for clients on their overall financial affairs.”

Peter Edwards, director at St. James's Place, said: “I am delighted to welcome Policy Services Ltd to the St. James's Place Group. This acquisition is a natural next step in the continuation of a long-standing and successful business relationship. We look forward to Policy Services further strengthening the services it offers to Partners and clients who hold non-SJP products in their portfolios."

David Ness, Policy Services chief executive, said: “I am excited that Policy Services Ltd will be joining the St. James's Place Group. We have been a close associate of St. James's Place for over seventeen years and take great pride in our ability to support clients by providing them with financial advice."