UK wealth manager St James’s Place has celebrated its independence from Lloyds Bank by announcing a 42% leap in profits to £190.7 million in the year to December and revealing it is on the verge of acquiring an Asian high-net worth specialist.

In today's results statement, David Bellamy, the SJP chief executive, said: "We are close to completing the acquisition of a well-respected adviser business which has an existing team in Singapore, Hong Kong and Shanghai."