Wealth manager St James’s Place has dropped plans to acquire Dublin-based Irish Financial Planner firm Harvest Financial Services Limited.

In a statement this week, St James’s Place said it had decided not to proceed with the deal.

SJP said: “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.”

Harvest Financial Services was established in 1993 and claims to be one of Ireland’s leading financial advisory firms, serving 1,500 clients. It provides retirement planning, Financial Planning and investment advice.

It is primarily a fee-based advisory firm and oversees approximately £860m in assets on behalf of clients who are pension funds, private individuals, corporations and charities. It employs 50 staff and has won a number of awards.

The Irish Times reported that Harvest was disappointed about the deal being dropped but looked forward to a strong relationship with SJP in the future. The Irish Times suggested the takeover would have cost SJP about £10m.