Schroders Wealth Management has reached an agreement to acquire the wealth management business of Singapore-based Thirdrock Group, according to a Schroders statement.
Founded in 2010, Thirdrock has businesses in wealth management, fund management and corporate advisory, which collectively manage around S$3bn ($2.22bn) in assets. Only the wealth management business will be acquired.
The transaction is expected to complete by the second quarter this year, according to the statement, which did not disclose the financial terms of the deal.
As part of the acquisition, Thirdrock’s wealth management business will be merged with Schroders’ existing Singapore business and operate under the Schroders brand.
Jason Lai, CEO and founder of Thirdrock Group, will take on the leadership of Schroders’ wealth management business in Asia. Melvyn Yeo, chair of the investment committee and co-founder of Thirdrock Group, will take on the role of deputy Asia head of wealth management, according to the statement.
Both Lai and Yeo will work with Simon Lints, head of wealth management for Singapore, and Robert Ridland, head of wealth management for Hong Kong, the statement added.
The deal comes after Schroder’s asset management business partnered with Maybank Asset Management to co-develop a range of investment products for Malaysia’s wealthy investors.
Schroders’ wealth management and asset management businesses collectively manage £102.7bn ($134.53bn) in assets in Asia as of the end of June, according to its 2018 first-half results.
In 2013, Schroders acquired Cazenove Capital’s wealth management business in Asia and in 2017 renamed it Schroders Wealth Management.