As part of the transaction that is expected to be complete by Q2 2019, Thirdrock will be merged with Schroders’ existing Singapore business and operate under the Schroders brand.
Schroders Wealth Management has reached an agreement to acquire the wealth management business of Singapore-based Thirdrock Group, an independent asset manager founded in 2010 with about $3 billion in client assets under management, the British asset management firm announced in a press release on Friday, without disclosing the sum of the deal.
«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 Asset Management, highlights our ambition to build a leading wealth management business in the region,» Peter Hall, Global Head of Wealth Management at Schroders said.
Transition to Schroders
Jason Lai, Schroders' new Head of Wealth Management Asia
Thirdrock Group's founder and chief executive Jason Lai (pictured above) will join Schroders as Head of Wealth Management Asia and spearhead the firm's drive to grow its business across the region. Melvyn Yeo, Thirdrock Group's co-founder and investment committee chair will take on the role of Deputy Head of Wealth Management Asia.
Both Lai and Yeo will work closely with Simon Lints and Robert Ridland, Head of Wealth Management in Singapore and Hong Kong respectively.
Schroders said that as part of the acquisition, Thirdrock will be merged with its existing Singapore business and operate under the Schroders brand. It added that Thirdrock employees, including client advisers and portfolio managers with proven investment expertise as well as the existing management team, will transition to the Schroders Wealth Management office in Singapore.
