After the deal is closed, BNP Paribas Wealth Management will work with Zedra as a preferred partner for trust services


Image: Zedra to acquire Singapore-based wealth management firm. (Credit: Pixabay/Holger Detje)

Zedra has signed an agreement to acquire BNP Paribas Singapore Trust for an undisclosed amount.

BNP Paribas Singapore Trust, the BNP Paribas Wealth Management’s trust business in Singapore, serves the increasing Asian ultra-high net worth and high net worth markets. Zedra stated the business’ clients are typically families and entrepreneurs, making it a perfect fit within its portfolio.

The acquisition follows other acquisitions that Zedra signed last year across the Isle of Man, Switzerland and Nordic markets.

After the deal is closed, BNP Paribas Wealth Management will work with Zedra as a preferred partner for trust services and continue to support all of its present clients on their wealth management endeavours, using its private banking platform and global reach.

Zedra CEO Ivo Hemelraad said: “This latest deal will bring additional scale and expertise to our already fast growing Singapore office. The Asian markets are very important for ZEDRA and globally continue to represent one of the most productive sources of new high quality clients.

“I am delighted to welcome the staff and clients of BNP Paribas Singapore Trust Corporation Limited to the ZEDRA group.”

Zedra to increase its headcount to 30 in Singapore

The asset management company will increase its employee count to30 in Singapore after the deal’s closure. The acquisition will add to Zedra’s current industry expert headcount of  more than 550, across 13 countries across Asia, Oceania, the Americas and Europe.

BNP Paribas Wealth Management Asia CEO Arnaud Tellier said: “We are a leading Private Bank in Asia and remain committed to our core expertise in providing the best-in-class opportunities to our clients via our open architecture platform.

“We have over the years offered and advised our clients the best possible solutions for their trust needs leveraging on this open architecture platform and therefore see the transfer of this business activity being beneficial and in the interests of our clients.”

Last November, Zedra had agreed to acquire LJ Fiduciary from investment firm Alvarium. Following the completion of the acquisition, LJ Fiduciary was planned to  be rebranded and merged into its existing network, the company said.

LJ Fiduciary offers global private client, fund and corporate administration services, which could enhance Zedra’s strategy in ‘active-wealth’ space.