Schroders Wealth Management had agreed to acquire Singapore-based independent wealth manager Thirdrock Group for an undisclosed amount.
Image: Schroders to acquire Thirdrock Group. Photo: Courtesy of Schroder Investment Management Limited.
Thirdrock is an independent asset manager, founded in 2010 and has client assets under management of SGD3bn (£1.7bn). Schroders expects the deal to complete in the second quarter of this year.
Upon completion of the acquisition, Thirdrock will be merged with Schroders’ existing Singaporean business and will operate under its brand.
Employees of Thirdrock including Client Advisers and Portfolio Managers as well as the existing management team will be moved to Schroders Wealth Management offices in Singapore.
Schroders Wealth Management global head Peter Hall 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.
“This deal, combined with our recently announced partnership with Maybank, highlights our ambition to build a leading wealth management business in the region. Jason and his team are excellent additions to our existing team and Jason will now take the lead in achieving that ambition and hiring top talent within the region.”
Thirdrock Group CEO and founder Jason Lai will serve as wealth management Asia head Schroders Wealth Management Asia and lead the business’ growth in the region.
Thirdrock Group investment committee chair and co-founder Melvyn Yeo will be wealth management Asia deputy head.
Lai and Yeo will work closely with the company’s wealth management head in Singapore, Simon Lints and wealth management head in Hong Kong, Robert Ridland.
Both will work with Simon Lints, Wealth Management Head and Robert Ridland, Head of Wealth Management in Hong Kong.
Lai said: “We are delighted to be joining Schroders. Being part of a well-resourced global investment and wealth management business provides Thirdrock with access to greater investment expertise and enhances our proposition for clients. This, together with Schroders’ stable ownership structure, long-term approach, heritage and brand strength in Asia will be attractive to our clients and employees alike.”