SINGAPORE - Schroders Wealth Management announced on Friday (Feb 1) that it will acquire the wealth management business of Singapore-based independent asset manager Thirdrock Group for an undisclosed sum.
Founded in 2010, Thirdrock has client assets under management of about S$3 billion, as at Dec 31, 2018. The deal is expected to be completed in the second quarter of this year.
As part of the acquisition, Thirdrock's wealth management arm will be merged with Schroders' existing Singapore business and operate under the Schroders brand.
Schroders said that Thirdrock employees from the unit, including client advisers and portfolio managers with "proven investment expertise" as well as the existing management team, will transition to the Schroders Wealth Management office in Singapore.
Jason Lai, CEO and founder of Thirdrock Group, will take on the leadership of Schroders Wealth Management in Asia as head of wealth management Asia, and spearhead the drive to grow the business across the region.
Melvyn Yeo, co-founder of Thirdrock Group and chair of its investment committee, will take on the role of deputy head of wealth management Asia.
Both will work closely with Simon Lints, head of wealth management in Singapore and Robert Ridland, head of wealth management in Hong Kong.
Peter Hall, global head of wealth management at Schroders said: "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."
He said that the deal, combined with its recently announced partnership with Maybank Asset Management, highlights Schroders' ambition to build a "leading wealth management business in the region".
Mr Lai added that being part of a "well-resourced global investment and wealth management business" provides Thirdrock with access to greater investment expertise and enhances its proposition for clients.