New Delhi, May 12 -- InCred Capital, the wealth and asset management arm of InCred Group, has acquired Singapore-based fund management firm S Cube Capital for an undisclosed amount.
InCred Capital's Singapore platform, InCred Global Wealth Pte Ltd, acquired the 70-year-old S Cube Capital to strengthen its offshore product suite, the firm said in a statement.
"As we continue to scale from a position of strength in India, their specialized expertise makes us a stronger partner to our clients, with a more seamless way to invest across key regional corridors," said Bhupinder Singh, founder of InCred Group.
Srikantan Selvamani, CEO of InCred Global Wealth, said S Cube Capital's regulated fund infrastructure and expertise in fixed income and alternatives made it a "natural fit".
In February last year, the firm had acquired Arrow Capital DIFC, a Dubai-based boutique financial services firm, to expand its services in the Middle East.
S Cube Capital was founded by senior investment bankers and is regulated by the Monetary Authority of Singapore (MAS). The firm's co-founders Balaji Swaminathan and Hemant Mishr will join InCred Global Wealth as joint vice chairmen of the global asset management business.
Swaminathan and Mishr said they looked forward to joining InCred and contributing to the next phase of growth of the global asset management business based in Singapore.
Meanwhile, InCred Global Wealth offers wealth and asset management solutions across investments, credit and legacy planning for ultra-high-net-worth individuals (UHNIs), high-net-worth individuals (HNIs), family offices and institutional investors.
InCred Capital's wealth management business operates across Singapore, Dubai and London, managing assets for family offices, promoters, UHNIs and HNIs.
It has over Rs 1 lakh crore ($10.5 billion) in wealth AUM and approximately Rs 10,000 crore ($1 billion) in asset management AUM, the statement said.
Published by HT Digital Content Services with permission from VC Circle.