Fund services provider Zedra has agreed to purchase BNP Paribas Singapore Trust, which caters to UNHW and HNW markets in Asia.

Zedra calls the transaction an “ideal fit”. As part of the deal, Zedra will absorb the employees and clients of the acquired entity, which primarily includes families and entrepreneurs.

The acquisition will increase Zedra’s Singapore staff headcount to 30.

BNP Paribas Wealth Management Asia CEO Arnaud Tellier said: “We have over the years offered and advised our clients the best possible solutions for their trust needs leveraging on this open architecture platform and therefore see the transfer of this business activity being beneficial and in the interests of our clients.”

The deal, whose financial terms were not divulged, awaits regulatory nod.

BNP Paribas Wealth Management will become a preferred trust services partner for Zedra.

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Zedra CEO Ivo Hemelraad said: “The Asian markets are very important for ZEDRA and globally continue to represent one of the most productive sources of new high quality clients.”

The latest transaction comes close on the heels of the completion of private equity firm Corsair’s majority investment in Zedra.

Zedra has been on a buying spree in recent years. Last year, the firm’s acquisitions included Interben Trustees, Talenture, and LJ Fiduciary.