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New Silkroutes to buy 51% stake in Stamford Management
NEW Silkroutes Group (NSG) said on Tuesday it would buy a 51 per cent stake in Stamford Management Pte Ltd, a Singapore-based investment manager overseeing about US$250 million, as part of efforts to expand its own asset management business.
Founded in 2001, Stamford Management serves accredited high net worth individuals and institutions in Singapore and the region, and focuses on investments in real estate, health sciences and natural resources.
NSG's wholly owned New Silkroutes Capital Pte Ltd will hold the controlling stake in Stamford Management.
Stamford Management will be renamed New Silkroutes Capital Partners Pte Ltd after the acquisition - subject to the approval of NSG's shareholders.
Last month, mainboard-listed NSG - known formerly as Digiland - formed a joint venture with New York-based CG Capital Partners LLC to offer fund management services to institutional and private investors in Asia, with a focus on four key verticals: infocomm technology; energy and resources; healthcare; and real estate.