Smith & Williamson, a UK investment management, financial advisory and accounting group, has acquired a "significant" interest in Nexia TS, a top-ten consulting and accountancy firm in Singapore.

Nexia TS was founded in 1993 and has 90 staff including six directors and operates from offices in Singapore and Shanghai. The firm offers services in pre-IPO consultancy, internal and external audit, transaction and valuation services, as well as tax, accounting, insolvency and consultancy.

Both firms are long-standing members of the global accountancy network, Nexia International. Terms of the deal were not available at the time of publication.

Gareth Pearce, chairman of Smith & Williamson, said: “International work has become increasingly important to us and we see this association as providing an excellent bridge to the Asian and Chinese markets. Nexia TS has extensive contacts in the Far East, and notably in Singapore, China, Indonesia and Taiwan."

"Very importantly, we know the firm well. We have collaborated on various projects in recent years, including the listing of Natsun Holdings Limited, a Chinese garment manufacturer, on the UK’s AIM market. Despite the onset of more difficult economic times, we believe it is important to respond to opportunities as they arise. We are keen to develop our exposure to the Far East and to align ourselves with a successful and growing international practice,” Mr Pearce added.

Smith & Williamson is the eighth largest firm of accountants in the UK and includes an investment management business with around £9 billion (about $13 billion) funds under management and advice at 30 April 2008, making it one of the largest private client investment managers in the UK.