Schroders Wealth Management has reached an agreement to acquire the wealth management business of Singapore-based Thirdrock Group.
Founded in 2010, Thirdrock offers wealth management, fund management and corporate advisory services, which collectively manage around S$3bn (£1.7bn, $2.22bn, €1.94bn) in assets.
Only the wealth management business will be acquired.
The transaction is expected to complete by the second quarter this year. Financial details were not disclosed.
As part of the acquisition, Thirdrock’s wealth management arm will be merged with Schroders’ existing Singapore business and operate under the Schroders brand.
People Moves
Jason Lai, chief executive and founder of Thirdrock Group, will take on the leadership of Schroders’ wealth management business in Asia.
Melvyn Yeo, chair of the investment committee and co-founder of Thirdrock Group, will become deputy Asia head of wealth management.
Both Lai and Yeo will work with Schroders’ Simon Lints, head of wealth management for Singapore; and Robert Ridland, head of wealth management for Hong Kong.
Bolstering Asia presence
The deal comes after Schroder’s asset management business partnered with Maybank Asset Management to co-develop a range of investment products for Malaysia’s wealthy investors.
Schroders’ wealth management and asset management businesses collectively manage £102.7bn ($134.53bn) of assets in Asia as of the end of June, according to its 2018 first-half results.
In 2013, Schroders acquired Cazenove Capital’s wealth management business in Asia and in 2017 renamed it Schroders Wealth Management.
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