DL to acquire a Singapore based wealth management firm at US$50M

DL Holdings Group announced that on September 19, 2024, DL Holdings has entered into an acquisition MOU with a Singapore-based wealth management firm (the “Target Company”). The consideration of the Sale Shares is expected to be settled by a combination of cash and allotment and issuance of shares of the Company. The Target Company was based in Singapore and with offices in Dubai, UAE. The preliminary valuation of the Target Company is expected to be approximately US$50 million. The Acquisition will help DL Holdings to expand its footprint in Southeast Asia, explore the Middle East market, and further build a global ecosystem for asset management and investment.

DL Holdings aims to be a prominent asset management and financial services platform. DL Holdings’ current AUM has exceeded US$3.5 billion, with established offices in Shanghai, San Francisco, Singapore, and Japan. The Target Company has an AUM of approximately US$2.6 billion. It has a significant high-net-worth clientele and future growth potential in Singapore and the Middle East. The possible acquisition will create synergies between the two parties in terms of multi-family office and global investments, and will be complementary to the Group’s existing operation and business layout and consolidate its existing advantageous position. 

Andy Chen, Chairman of DL Holdings Group, stated, “Over the past decade, DL has established a solid reputation in Hong Kong and the Asia Pacific region. After entering the Hong Kong Stock Connect, we are accelerating the expansion of our global asset allocation and looking for excellent partners. It is believed that this Acquisition will strengthen the Group's impact in Singapore and expand the Group's business scope in Singapore and Southeast Asia region by integrating the resources of the target company and building a stronger customer network. In addition, the move will strengthen the foundation for the Group to open up the Middle East market with Dubai as the core, and extend westwards into Europe and Africa.”

Figure 1: Senior executives from DL Holdings and Singapore Wealth Management Company visited DL’s office in Wong Chuk Hang. Source: DL Holdings

Established in 2008, the Target Company has accumulated over 400 clients, serving high net worth individuals and institutional investor in India, the Middle East, Switzerland, Africa and Europe. The wealth management company has accumulated extensive experience in providing a full range of multi-family office services and solutions, and its management shares the same vision and objectives as DL Holdings in global asset management and financial services.

Dubai is the economic and commercial center of the Middle East, where East meets West, the gateway to the Middle East and Africa, and an important node of the “One Belt One Road”. With the completion of this Acquisition, DL Holdings Group will take a significant step forward in its multi-family office and global wealth management footprint.

Andy Chen emphasized, “This acquisition would build a close collaboration between our group and the Singapore-based Company which on one hand could provide our group and clients immediate access to the markets in Southeast Asia and the Middle East, while on the other hand giving the Singapore-based Company and its clients access to the markets in HKSAR, Japan and North America, thereby further enhancing the business coverage of both parties and the range of products that could offer to the combined clienteles. On the basis of the solid traditional business of multi-family office, DL has taken the lead in setting up an AI Family Office (DLiFO), which will leverage on the iterative upgrading and mature application of AI to cover and serve more and more clients, with the opportunity to grow the number of clients geometrically, and thus accelerating the achievement of the strategic goal of exceeding US$10 billion in AUM.” 

Figure 2: Senior executives of the Singapore wealth management company went to the newly completed DL Tower in Central for negotiations in the afternoon. Source: DL Holdings

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