Zedra, a global provider of active wealth, corporate and fund solutions, has completed the acquisition of BNP Paribas Wealth Management’s trust business in Singapore, after receiving regulatory approval.
With the transaction, BNP Paribas Singapore Trust Corporation will be renamed Zedra Trustees (Singapore). When it was announced in January, Zedra called the deal is an «ideal fit» for the company, given that it serves the growing Asian ultra-high net worth and high net worth markets, with clients typically being families and entrepreneurs.
«Singapore is a core jurisdiction for ZEDRA given the country’s reputation for its high-quality financial services sector, prudent supervision and resilient infrastructure. This latest deal will bring additional scale and expertise to our already fast-growing Singapore office,» Ivan Hmelraad, Zedra CEO, said in the announcement.
BNP Paribas Wealth Management said it will work with Zedra as a preferred partner for trust services while continuing to render its clients wealth management services.
Growing Demand
Zedra Singapore's managing director Wendy Sim said the company has seen an increase in enquiries, particularly around succession planning, as a result of the Covid-19 pandemic.
«The situation has acted as a catalyst, prompting clients to review how their estates will be managed and assets passed on. Clients want to be reassured that existing structures are fit for purpose,» Sim said.
Zedra operates in 14 countries globally, with a headcount of over 500 industry experts. The acquisition will bring the company's combined staff numbers in Singapore to 35.
