Schroders Wealth Management has reached an agreement to acquire the wealth management unit of Singaporean asset manager Thirdrock Group for an undisclosed amount.

Thirdrock, which was established in 2010, had client assets under management of nearly S$3bn at the end of December 2018.

Schroders will merge the acquired business with its existing Singapore business and operate under its own brand.

Under the arrangement, employees of the Thirdrock’s wealth management business will transition to the Schroders Wealth Management office in Singapore.

Thirdrock Group CEO and founder Jason Lai will take on the role of head of wealth management Asia at Schroders Wealth Management.

Melvyn Yeo, co-founder of Thirdrock Group and chair of its investment committee, has been named as the deputy head of wealth management Asia.

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Commenting on the deal, Schroders global head of wealth management Peter Hall said: “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.”

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