British asset management house Schroders is taking a minority equity stake in Singapore-based digital wealth services firm WeInvest. Terms of the deal, set to be completed in June, have not been disclosed.
WeInvest provides banks, wealth and asset managers, insurance companies and independent financial advisors with an end-to-end investment offering covering the tech platform, investment strategies, operations, execution and custody.
Last year, OCBC Bank began piloting a robo-advisory service from the startup in an effort to win business from both novice and market savvy investors.
Susan Soh, CEO Singapore, Schroders, said: “Many of our distribution channels are actively evolving their platforms to equip their wealth advisers with digital tools to manage and service their clients more effectively, and to provide digital advice.
“We believe this investment opens up opportunities for closer collaboration with our distributors, through a platform that enables them to tailor solutions for their clients.”