UK’s Schroders to buy Singapore-based Asian wealth manager Thirdrock

Jubilee Bridge, Singapore. Photo: Pixabay

UK-based asset management company Schroders has reached an agreement to acquire the wealth management business of Singapore-based Thirdrock Group, which has assets under management of S$3 billion ($2.2 billion).

Financial terms of the deal were undisclosed.

Following the deal, Thirdrock will be merged with Schroders’ existing Singaporean business and operate under the Schroders’ brand.

The purchase comes three months after Schroders entered into a long-term strategic partnership with Maybank Asset Management for a broader coverage across the Malaysian wealth market.

“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,” said Peter Hall, global head of wealth management at Schroders.

The acquisition is expected to be completed by the second quarter of 2019.

Post acquisition, Thirdrock Group CEO and founder Jason Lai will lead Schroders Wealth Management in Asia. Melvyn Yeo, chair of Investment Committee and co-founder of Thirdrock Group, will take on the role of deputy head of wealth management Asia.

Other Thirdrock employees with investment expertise will transition to Schroders wealth management offices in Singapore.

Schroders has been deepening its presence in the Asian region through deals and acquisitions. Last year, Schroders participated in a $12.3 million Series A funding in WeInvest, a robo-advisory firm in Singapore. Back in 2012, Schroders announced the acquisition of the Indian asset management business of Axis Bank Limited.

 Also Read:

Singapore wealth advisor WeInvest raises $12.3m in Series A from Schroders, others

Schroders to acquire Swiss private equity firm Adveq

Singapore’s UOB acquires 75% stake in Indonesia’s PG Asset Management

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.