SINGAPORE (Feb 1): Schroders Wealth Management has acquired the wealth management business of Thirdrock Group, a Singapore-based asset manager with a client asset under management (AUM) of about $3 billion.

The value of the transaction was not disclosed.

In a Friday announcement, Schroders says Thirdrock Group will be merged with its existing Singapore business and operate under the Schroders Wealth Management brand.

As a result, Thirdrock’s employees – including relationship managers and portfolio managers as well as the existing management team – will transition to Schroders Wealth Management offices in both Singapore and Hong Kong.

Thirdrock’s CEO and founder Jason Lai will join Schroders Wealth Management in a leadership role. Specifically, he will spearhead the drive to gross Schroders’ regional business as Head of Wealth Management Asia.

On the other hand, Thirdrock co-founder and investment committee chair, Melvyn Yeo, will take on the role of Deputy Head of Wealth Management Asia.

Both Lai and Yeo will work closely with Simon Lints and Robert Ridland, who are Schroders’ Heads of Wealth Management in Singapore and Hong Kong, respectively.

“This deal, combined with our recently announced partnership with Maybank Asset Management, highlights our ambition to build a leading wealth management business in the region,” comments Peter Hall, Global Head of Wealth Management at Schroders.

“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,” he adds.