New Silkroutes Group Buys 51% Stake In Singapore-based Investment Manager With US$250M In Assets To Expand Fund Management Business
The partnership will market itself to high net worth individuals and institutions in the United States, Europe, the Middle East and North Africa, as well as China
Singapore 1 March 2016. New Silkroutes Group Limited (NSG or the Group) said today it will acquire a 51% equity stake in Stamford Management Pte Ltd (Stamford Management), a Singapore-based investment manager overseeing about US$250 million, as part of a major push to expand its own asset management business.
Founded in 2001 by Mr. William Chan, who used to work at the treasury and asset management desks in UBS, Stamford Management serves accredited high net worth individuals and institutions in Singapore and the region.
One of more than 350 fund management companies in Singapore with a Capital Markets Services Licence issued by the Monetary Authority of Singapore, Stamford Management focuses on investments in real estate, health sciences and natural resources. It has a portfolio management team that manages a collective investment fund and a wealth management team that services private clients.
NSG’s wholly-owned New Silkroutes Capital Pte Ltd (New Silkroutes Capital) will hold the controlling stake in Stamford Management. The new partnership has started marketing itself to accredited high net worth individuals and institutions in the United States, Europe, the Middle East and North Africa, as well as China. In addition to Stamford Managements core base of clients in Asia, it will manage funds across multiple strategies customised for investors in these regions.
Dr. Goh Jin Hian, Group Chief Executive Officer of NSG, said: Through this acquisition, NSG will have a sizeable asset base and an experienced financial investment team. These factors will help us accelerate growth as we tap the management experience of our colleagues in New York and Singapore, and across our network of clients across Asia, to provide bespoke investment services and products.
Mr. Jason Wang, Chief Executive Officer of Stamford Management, said: The relationship with New Silkroutes Capital will bring Stamford Management to a new level of growth and product offering. We look forward to working closely with New Silkroutes family of companies to grow our wealth management business.
Mr. Wang has more than 15 years experience trading equities, commodities and derivatives.
At Stamford Management, he spearheads its capital markets division and structures customised wealth management solutions for clients and their businesses.
He started his career in London at EFG Asset Management as an equities research analyst, before moving to GLG Partners, where he focused on resources and industrials for the firms US$2 billion European long-short fund. He then joined OCBC Bank as a senior proprietary trader, where he led the expansion of the Singapore banks investment platform and headed its equities risk-taking committee. Mr. Wang founded Iridium Asset Management, an Asian equity hedge fund, in 2009.
The acquisition of Stamford Management comes just weeks after NSG, through New Silkroutes Capital, formed a joint venture with New York-based CG Capital Partners LLC to offer fund management services to sophisticated investors and high net worth individuals in Asia. The joint venture, 70% owned by NSG, will invest in US-dollar, Euro- and RMB-denominated structured products.
New Silkroutes Capital currently focuses on sector-specific funds that target the resources/energy, infocomm technology and healthcare sectors. It intends to work with banks and insurance companies in Europe and Asia to offer private-label funds for distribution through established local marketing networks in the key cities in which it operates.
NSGs diversification into fund management is part of a strategic shift for the Group, previously known as Digiland International Ltd, following its exit from the SGX Watchlist in November 2014. Stamford Management will be renamed New Silkroutes Capital Partners Pte Ltd after the acquisition, which is subject to the approval of NSGs shareholders.
About New Silkroutes Group Limited
New Silkroutes Group (Bloomberg: NSG SP) is a Singapore-incorporated company (established on 25 Jan 1994) listed on the Mainboard of Singapore Exchange Securities Trading Ltd (SGX). It is evolving into an investment holding company with core competencies in Capabilities Enablement, Capital Allocation, and (Policy) Analysis. The group, through its subsidiaries and associate companies, has exposure to key sector verticals, including Energy/Resources, Healthcare, and Infocomm Technology with a focus on Security & Governance.
About New Silkroutes Capital Pte Ltd
New Silkroutes Capital is engaged in investment management and strategic advisory that provides growth and development capital and a variety of services to institutions, enterprises and private accredited investors looking for professionally managed investment products or companies that have the intention of going public. It endeavours to add economic productivity and/or synergy to its portfolio of investee companies.
About Stamford Management Pte Ltd
Stamford Management is an investment management company based in Singapore. It has a Capital Markets Services (CMS) licence under the Securities and Futures Act (Cap.289) [the “SFA”] to conduct the regulated activity of fund management as defined in the Second Schedule of the SFA.
Stamford Management has a portfolio management team that manages its collective investment fund, and a wealth management team that manages its private clients. It services accredited high net worth individuals and institutions, and works closely with a number of counterparties and service providers to provide premium services to its clientele.