Schroders to acquire Thirdrock wealth business

Schroders Wealth Management will acquire the wealth management business of Singapore-based independent asset manager Thirdrock Group for an undisclosed sum.

Thirdrock, which was founded in 2010, had client assets under management of about $3 billion as at Dec 31.

The deal, announced yesterday, is expected to be completed in the second quarter. It will involve merging Thirdrock's wealth management arm with Schroders' Singapore business and operating under the Schroders brand.

Schroders said Thirdrock's employees from the unit, including client advisers and portfolio managers with "proven investment expertise" as well as the existing management team, will move to the Schroders Wealth Management office in Singapore.

Thirdrock's chief executive and founder Jason Lai will take over the leadership of Schroders Wealth Management in Asia and spearhead the drive to grow the business across the region.

Co-founder Melvyn Yeo will become deputy head of wealth management Asia.

Thirdrock, which was founded in 2010, had client assets under management of about $3 billion as at Dec 31.

Mr Peter Hall, Schroders' global head of wealth management, 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 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.

A version of this article appeared in the print edition of The Straits Times on February 02, 2019, with the headline 'Schroders to acquire Thirdrock wealth business'. Print Edition | Subscribe