Meyado Private Wealth Asia has acquired the assets of Singapore-based rival Portfolio Builders Pte Ltd for an undisclosed amount.
Like Meyado, Portfolio Builders has been a Monetary Authority of Singapore-licensed financial adviser.
Mark Paine, chief executive of the Asian operation of London-based Meyado Private Wealth Management, said the asset transfer represented “a great opportunity to grow our Singapore-based business”.
“As the market evolves, we’re continually looking to expand and solidify our business,” Paine, pictured, added, in a statement announcing the deal.
“Portfolio Builders is such a similar business to ours, the fit is perfect. We look forward to a seamless transition and maintaining Portfolio Builders excellent service record.”
Meyado has been looking after expatriate clients as an independent financial adviser since it began in Frankfurt in 1993. Today it is a global business, with several offices in the United Kingdom, as well as Singapore, Manila, and Frankfurt. (To see a profile on the company, see the April issue of International Investment magazine, by clicking here.)
Portfolio Builders was founded in 2003 by Duncan Anderson, its chief executive, to, as it says on the company’s website, “meet the needs of expatriates for high quality, client centred and ethical financial services”. Its offices in Singapore are located on Telok Ayer Street.
In a statement accompanying the announcement of the deal with Meyado, Anderson said he had been keen to arrange “the best possible succession” for his business, and that Meyado had fit the bill.
“Meyado is such a natural fit that it made perfect sense for us to join forces for the benefit of [our] clients,” he added.
“Meyado’s ethos, practices and client base [are] very similar to ours, and I know our clients will continue to be in good hands.
“Our team now looks forward to working with Meyado, and welcoming clients onboard.”
Meyado and Portfolio Builders have been working closely with the MAS and other regulators in Singapore to ensure a seamless transition for Portfolio Builders’ clients, representatives and staff, Meyado said.