Posted inBusiness moves

Bermuda firm buys stake in Singapore wealth platform

The deal will lead to collaboartion as well as a cash injection.
Singapore business district with rainbow

Bermuda Stock Exchange listed firm Somers has acquired a 15% stake in Singapore-headquartered alternative investment and wealth management platform Aura Group, reports FSA‘s sister publication, Interational Adviser.

The financial terms of the deal were not disclosed.

Somers is a financial services investment holding company that makes core investments primarily in the banking, asset financing, and wealth management sectors. It is managed by ICM, a Bermuda based global fund manager and corporate finance adviser.

Aura Group, Somers and ICM “look forward to collaborating on investments and leveraging each other’s valuable expertise, insights and extensive networks globally”, they said in a statement.

Calvin Ng, managing director of Aura Group, added: “The deal is a milestone development for Aura Group as the firm continues to scale its operations in the Asia Pacific region. Both Somers and ICM’s track record for value creation speaks for itself and we look forward to sharing deal flow and insights.

“The partnership also gives Aura Group a stepping stone into European capital markets. Southeast Asia is the fastest growing region in the world and is receiving growing interest from international investors.”

Part of the Mark Allen Group.