DL Holdings to acquire part of Singapore wealth firm for US$50m

The SG firm has an AUM exceeding US$2.6b ($3.4b).

Hong Kong-headquartered financial services group DL Holdings Group will acquire part of a Singapore-based wealth management firm to expand its Southeast Asia footprint.

It proposed to acquire part of the firm for US$50m ($64.6m).

The company did not disclose the firm's name but mentioned that it has offices in Dubai, UAE and was established in 2008.

The firm to be acquired also has current assets under management (AUM) exceeding US$2.6b ($3.4b).

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