Schroders Wealth Management has acquired the wealth management business of Thirdrock Group for an undisclosed sum.
Singapore-based asset manager Thirdrock with S$3bn (£1.7bn) assets under management will be merged with Schroders’ existing Singaporean business and operate under the Schroders’ brand.
Thirdrock employees, including client advisers, portfolio managers and the existing management team, will transition to Schroders Wealth Management offices in Singapore.
Thirdrock Group founder and chief executive Jason Lai will take on the leadership of Schroders Wealth Management in Asia as head of wealth management Asia.
Thirdrock Group’s co-founder and chair of investment committee Melvyn Yeo will take on the role of deputy head of wealth management Asia.
Both will work closely with head of wealth management Simon Lints in Singapore and head of wealth management in Hong Kong Robert Ridland.
Schroders global head of wealth management Peter Hall says: “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.”
Lai says: “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.”
The transaction is expected to complete in the next quarter.
Last October Schroders and Lloyds Banking Group joined forces for a financial planning and wealth management proposition for wealthy clients.