iFAST Financial, the wholly-owned subsidiary of iFAST Corporation, has entered into a business transfer agreement with DWS Investments Singapore for the transfer of its fund management business relating to its Singapore mutual funds platform, comprising seven authorized retail funds.

The purchase consideration of the transaction is estimated to be around $3 million, based on the fair value of the assets being acquired. The current assets under management (AUM) of the funds is approximately $600 million.

The consideration will be fully paid in cash.

As part of the business transfer, iFAST Financial will enter into sub-delegation agreements with the existing sub-managers of the funds – DWS Investment GmbH and DWS Investments Hong Kong – to continue with the discretionary investment management of the seven authorized retail funds.

As such, there will be no changes to the investment objective, focus and approach of the funds.

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The funds will be co-branded under the iFAST-DWS name.

iFAST says it has “constantly” looked to harness its technological capabilities to create better solutions in the financial industry and that the strategic initiative demonstrates its “continued commitment” to working with its various partners like DWS and other players in the wealth management industry.

The transaction has been approved by the Monetary Authority of Singapore (MAS), and is expected to be completed by July 30.

Shares in iFAST closed 25 cents higher or 3.8% up at $6.77 on April 26.