Helping Asian Wealth Management Communities interact

Wealth Solutions & Wealth Planning

ZEDRA to acquire BNP Paribas Singapore Trust Corporation

ZEDRA Group has announced its acquisition of BNP Paribas Singapore Trust Corporation, subject to regulatory approval, as part of the Group’s rapid expansion globally.

This new acquisition follows on from deals across the Isle of Man, Switzerland and Nordic markets signed and announced in 2019.

BNP Paribas Wealth Management’s trust business in Singapore serves the growing Asian ultra-high net worth and high net worth markets, with clients typically being families and entrepreneurs, making this latest deal an ideal fit for the ZEDRA Group.

Ivo Hemelraad, CEO, Zedra, said “This latest deal will bring additional scale and expertise to our already fast-growing Singapore office. The Asian markets are very important for ZEDRA and globally continue to represent one of the most productive sources of new high-quality clients. I am delighted to welcome the staff and clients of BNP Paribas Singapore Trust Corporation Limited to the ZEDRA Group.”

Arnaud Tellier, CEO, BNP Paribas Wealth Management Asia, said “We are a leading Private Bank in Asia and remain committed to our core expertise in providing the best-in-class opportunities to our clients via our open architecture platform. We have over the years offered and advised our clients the best possible solutions for their trust needs leveraging on this open architecture platform and therefore see the transfer of this business activity being beneficial and in the interests of our clients.”

BNP Paribas Wealth Management will work with ZEDRA as a preferred partner for trust services while continuing to accompany all of its clients on their wealth management journeys, leveraging the firm’s best-in-class private banking platform and global reach.

Wendy Sim, Managing Director, Zedra Singapore, stated “I am very excited to welcome the BNP Paribas Singapore Trust Corporation Limited clients and staff to Zedra. As Zedra Singapore continues to expand its network and service capabilities, we look forward to meeting and working closely with BNP Paribas and their clients to achieve their legacy and succession planning aspirations for their families and their businesses as they grow and develop here in Asia.”

Hubbis recently spoke with Sim about ZEDRA’s expansion of heir global range of services to the private wealth clients in both Singapore and the region.

“Singapore is ideal for all the key areas that ZEDRA focuses on and is benefitting from the trend to regulatory propriety and from the proactive approach of the Singapore authorities. We have excellent and sound legislation. There are attractive tax and other incentives, for example for family offices and fund structure, and clients derive some comfort from the regulatory situation here. There are plenty of advantages, especially if they are setting up various structures for the family business or for collective investments.”

The deal will add to ZEDRA’s existing headcount of over 550 industry experts across 13 countries, spanning Asia, Oceania, the Americas and Europe. The acquisition will bring Zedra’s combined staff numbers in Singapore to 30.

Last year, ZEDRA announced a strategic partnership with Corsair Capital in which the private equity group is taking majority stake in the Group, a move planned to support the ever-rapid growth for the ZEDRA brand. The two firms announced the closure of this transaction in January 2020.

You can read more about both ZEDRA Group and BNP Paribas HERE.