New Silkroutes Group (NSG) has agreed to acquire 51% equity stake in Stamford Management, a Singapore-based family office managing about $250m, for about SG24.48m ($17.47m) to expand its asset management business.
Founded in 2001 William Chan, Stamford serves accredited HNWIs and institutions in Singapore and the region and focuses on investments in real estate, health sciences and natural resources.
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Stamford currently has a portfolio management team that manages a collective investment fund and a wealth management team that services private clients.
According to NSG, its wholly-owned subsidiary New Silkroutes Capital will maintain the controlling stake in Stamford Management.
Following the acquisition, Stamford Management will be re-branded to New Silkroutes Capital Partners, subject to the approval of NSG’s shareholders.
NGS will also have an option to purchase the remaining 49% stake in Stamford Management for S$23.52m.
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By GlobalDataThe partnership will manage funds with strategies customised for investors including accredited HNWIs and institutions in the US, Europe, the Middle East, North Africa and China.
Through this deal, NSF will focus on Stamford Management’s core base of clients in Asia.
The acquisition of Stamford Management comes after NSG formed a JV with CG Capital Partners, a New York-based fund manager, to offer fund management services, including financial products and asset-class-specific funds, to Asian investors.
NSG Group CEO Goh Jin Hian said: "Through this acquisition, NSG will have a sizeable asset base and an experienced financial investment team. These factors will help us accelerate growth as we tap the management experience of our colleagues in New York and Singapore, and across our network of clients across Asia, to provide bespoke investment services and products."
Stamford Management CEO Jason Wang said: "The relationship with New Silkroutes Capital will bring Stamford Management to a new level of growth and product offering. We look forward to working closely with New Silkroutes’ family of companies to grow our wealth management business."
