UK-based St James's Place has reported a rise in funds under management, while also confirming that a deal to buy Singapore-headquartered Henley Group is near to being wrapped up, having won regulatory clearance.

St James's Place, the London-headquartered wealth manager, reported an increase in funds under management of 3.4 per cent in the first quarter to £45.8 billion ($77.1 billion), up from £39 billion in the same period a year ago.

The firm also confirmed in its interim statement today that it was close to completing the acquisition of Singapore-based Henley Group, after having received regulatory approval.

Net inflow of funds under management increased 26 per cent to £1.2 billion, up from £0.9 billion in 2013.

Meanwhile, new business on an annual premium equivalent basis was £205.4 million, up 20 per cent from £170.6 million last year.

The group said that total new single investments were £1.8 billion, up 22 per cent from £1.5 billion in 2013.

Earlier this month, the group said it was moving £7 billion of its funds that had been run by Neil Woodford at Invesco Perpetual (Woodford has left this firm), splitting it between his new firm, Woodford Investment Management, Threadneedle's income team, Wasatch Advisors and Manulife Asset Management.

“The fact that we are able to attract and retain some of the most respected asset managers from around the world is a strong endorsement for our investment proposition. Whilst providing real added value to our UK based clients, it will also underpin our expansion into the Far East expatriate market where we are close to receiving the necessary regulatory approvals to complete the acquisition of the Singapore based Henley Group,” said chief executive David Bellamy.