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Swiss-based Jar Capital has bought Singapore multi-family office Lyra Capital, creating a $1bn external assetmanager in the city-state.
The terms of the cash and stock acquisition have not been disclosed, but the transaction is expected tocomplete this month, according to a 17 July statement.
The deal will more than double the headcount of Jar’s Singapore subsidiary, Jar Wealth Management, to 18,with Lyra’s founders set to join Jar WM as shareholders and directors.
Jar opened up shop in Singapore in 2022 and also has a presence in Dubai. The firm said the two businessesare complementary and combining them will create operational efficiencies and cost savings.
Tim Walter, Jar WM’s CEO, said: ‘The integration is about scale, but more importantly, it’s about synergy andcommon values. We are bringing together two firms with complementary clients, cultures, and capabilities.’
The purchase of Lyra, established in 2007, will deepen Jar’s ties in the Asian high net worth market. It will alsoadd clients across the region, including in Japan, Thailand, Indonesia and Australia.
The deal will also enable Lyra’s clients to access Jar’s investment platform, which includes ranges of in-houseand third-party managed funds.
Lyra CEO Charles Monney said: ‘The combined intelligence and resources derived from this acquisition willaccelerate the implementation of a controlled growth strategy across Asia.’
Jar Capital chairman Gerald de Senger added the buy reflects Jar’s aim of being a ‘reference player’.
Originally published by Citywire (paywall), via Bloomberg.