The join-up of the firms suggests, given some recent deals, that there is a push for scale and market share in the sector.

A pair of Singapore-based independent investment firms have combined forces, suggesting a trend towards consolidation in the Asia-Pacific sector.

Eightstone Pte Ltd and Oclaner Asset Management Pte Ltd said they have completed a “merger of equals” through an all-stock transaction. The combined company will be named Eightstone Oclaner Pte Ltd, they said in a statement. 

The business holds a CMS licence from the Monetary Authority of Singapore. The firm has a cumulative track record of 15 years and more than S$1.5 billion under supervision. Eightstone Oclaner serves international families, institutions and high net worth individuals.

Eightstone Oclaner will be led by Cyril Malapert as the chief executive, while Ivo Bartoletti will assume the role of vice chairman of the board of directors. Additionally, Sylvain Baude and Oliver Destandau will jointly lead the company’s investment team as co-chief investment officers.

Similarities
“Our companies are similar in their business model and client base, yet have multiple areas of synergies that go beyond economies of scale. Combining our strengths translates into greater intellectual firepower and greater diversity of skills,” Ivo Bartoletti, founder of Oclaner, said. 

There have been a number of transactions and joint venture deals concerning independent wealth managers, or external asset managers, as firms have sought to tap new sources of client, build scale and market footprint. In February this year, Schroders bought Singapore-based independent asset manager Thirdrock. Hywin Capital (UK), part of China-based Hywin Financial Holding Group, earlier this year bought Azure Wealth, a UK-based wealth management house, adding to its roster of activities in this sector across mainland China, Hong Kong, the US and UK. 

This news service has issued its own research about the sector for such wealth management firms in Asia.

“During our initial due diligence phase, we found out that not only did we share common ethics and professional standards, but also displayed significant complementarity among our investment professionals. It seemed natural that joining forces would present efficiencies and new growth opportunities in our expanded network,” Cyril Malapert, co-founder of Eightstone, said.