UK-based asset management company Schroders has reached an agreement to acquire the wealth management business of Singapore-based Thirdrock Group, which has assets under management of S$3 billion ($2.2 billion).
Financial terms of the deal were undisclosed.
Following the deal, Thirdrock will be merged with Schroders’ existing Singaporean business and operate under the Schroders’ brand.
The purchase comes three months after Schroders entered into a long-term strategic partnership with Maybank Asset Management for a broader coverage across the Malaysian wealth market.
“We have the opportunity to create a unique business model in Asia, combining the institutional investment expertise, leading brand and extensive network of Schroders with the entrepreneurialism, open architecture and personal service of an independent asset manager,” said Peter Hall, global head of wealth management at Schroders.
The acquisition is expected to be completed by the second quarter of 2019.
Post acquisition, Thirdrock Group CEO and founder Jason Lai will lead Schroders Wealth Management in Asia. Melvyn Yeo, chair of Investment Committee and co-founder of Thirdrock Group, will take on the role of deputy head of wealth management Asia.
Other Thirdrock employees with investment expertise will transition to Schroders wealth management offices in Singapore.
Schroders has been deepening its presence in the Asian region through deals and acquisitions. Last year, Schroders participated in a $12.3 million Series A funding in WeInvest, a robo-advisory firm in Singapore. Back in 2012, Schroders announced the acquisition of the Indian asset management business of Axis Bank Limited.