On January 2, 2019, Schroders Wealth Management announced an agreement to acquire the wealth management business of Thirdrock Group.
Under the terms of the transaction, Schroders Wealth Management’s (“Schroders”) existing Singapore business will merge with Thirdrock Group’s wealth management business (“Thirdrock”) and operate under the Schroders name. Thirdrock’s current employees and management team will join Schroders Wealth Management based in Singapore. Upon closing, Jason Lai, CEO and founder of Thirdrock, will serve as Head of Schroders Wealth Management Asia and Melvyn Yeo, Chair of Investment Committee and co-founder of Thirdrock, will serve as Schroders’ Deputy Head of Wealth Management Asia. The transaction is expected to close in the second quarter of 2019. Further terms of the deal were not disclosed.
Schroders is a global asset management firm that invests in a broad range of asset classes across equities, fixed income, multi-asset and alternatives. Schroders manages $593.3 billion in assets on behalf of its clients as of June 30, 2018.
Thirdrock, founded in 2010, is an independent asset management firm specializing in strategic and holistic investment solutions with S$3 billion in assets under management.
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