Two Singapore independent wealth managers, Eightstone and Oclaner Asset Management, have combined operations to form a new entity that will operate under the name Eightstone Oclaner.

The merger is said to be an all-stock transaction. Other financial aspects of the merger were not revealed.

The new firm has more than $1bn in assets under management. It will focus on wealthy individuals as well as institutional investors.

It has a capital market services licence for fund management from the Monetary Authority of Singapore (MAS).

Commenting on the merger, Oclaner founder Ivo Bartoletti said: “Our companies are similar in their business model and client base, yet have multiple areas of synergies that go beyond economies of scale. Combining our skills translates into greater intellectual firepower and greater diversity of skills.”

EightStone co-founder Cyril Malapert added: “It seemed natural that joining forces would present efficiencies and new growth opportunities in our expanded network.

“Leveraging our strengths will enable us to tap into new markets while continuing to deliver consistent returns for our clients.”

The new firm will be spearheaded by Malapert as the CEO while Bartoletti will assume the role of vice-chairman of the board.

Co-CIOs Oliver Destandau and Sylvain Baude will be in charge of the investment team.