Schroders Wealth Management has acquired wealth management business of Thirdrock Group. Founded in 2010 and based in Singapore, Thirdrock is an independent asset manager with client asset under management of circa S$3 billion.

As part of the acquisition, Thirdrock Group will be merged with Schroders' existing Singapore business and operate under the brand Schroders Wealth Management.

Further, Thirdrock Group employees, including relationship managers and portfolio managers with proven investment expertise as well as the existing management team will transition to Schroders wealth management offices in Singapore and Hong Kong.

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 says: "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 Asset Management, 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 adds: "We are delighted to be joining Schroders. 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 and is scheduled to complete in Q2 2019.