Monthly viewpoint

Schroders acquires independent Asian wealth manager Thirdrock

01/02/2019

Schroders Wealth Management today announces it has reached an agreement to acquire the wealth management business of Thirdrock Group.

Founded in 2010 and based in Singapore, Thirdrock is an independent asset manager with client assets under management of S$3 billion (£1.7 billion)*.

As part of the acquisition, Thirdrock will be merged with Schroders’ existing Singaporean business and operate under the Schroders’ brand. Further, Thirdrock employees, including Client Advisers and Portfolio Managers with proven investment expertise as well as the existing management team, will transition to Schroders Wealth Management offices in Singapore.

Jason Lai, CEO and founder of Thirdrock Group, will take on the leadership of Schroders Wealth Management in Asia as Head of Wealth Management Asia, and spearhead the drive to strongly grow the business across the region. Melvyn Yeo, Chair of Investment Committee and co-founder of Thirdrock Group, will take on the role of Deputy Head of Wealth Management Asia.

Both will work closely with Simon Lints, Head of Wealth Management in Singapore and Robert Ridland, Head of Wealth Management in Hong Kong.

Peter Hall, Global Head of Wealth Management at Schroders, commented:

“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.

"This deal, combined with our recently announced partnership with Maybank, highlights our ambition to build a leading wealth management business in the region. Jason and his team are excellent additions to our existing team and Jason will now take the lead in achieving that ambition and hiring top talent within the region.”

Jason Lai, CEO and founder of Thirdrock Group, commented:

“We are delighted to be joining Schroders. Being part of a well-resourced global investment and wealth management business provides Thirdrock with access to greater investment expertise and enhances our proposition for clients. This, together with Schroders’ stable ownership structure, long-term approach, heritage and brand strength in Asia will be attractive to our clients and employees alike.”

The financial terms of the acquisition are not disclosed. The transaction is expected to complete in Q2 2019.

*as at 31 December 2018

For further information, please contact:

Estelle Bibby                Tel: +44 (0)207 658 3431 estelle.bibby@schroders.com

Thomas Kwan              Tel: +852 3008 3811/+852 9018 2500 thomas.kwan@humebrophy.com

Stephanie Choi            Tel: +852 9100 4747  stephanie.choi@humebrophy.com

For Accredited Investors Only. This document is intended to be for information purposes only and it is not intended as promotional material in any respect. The material is not intended as an offer or solicitation for the purchase or sale of any financial instrument and is not intended to provide and should not be relied upon for accounting, legal or tax advice, or investment recommendations.

The information in this market outlook is derived from sources which we consider to be reliable. However, it may not in all cases be verified independently and we do not attest to its completeness or accuracy. No responsibility can be accepted for errors of fact or opinion. Forecasts may be the consensus of extremely divergent possibilities and the full range of potential outcomes should be appreciated. No representation or warranty is made that any value (or proximity to) any value, return or forecast will be achieved. The opinions expressed are those of employees of Schroder & Co. (Asia) Limited, and reflect their judgement at this date and are subject to change. Reliance should not be placed on the views and information in this market outlook when taking individual investment and/or strategic decisions. 

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Contact Schroders Wealth Management

To discuss your wealth management requirements, or to find out more about our services, please contact:

Simon Lints

Simon Lints

Chief Executive Officer - Singapore singaporeprivateclients@schroders.com