The story highlights a level of corporate activity taking place at multi-family offices and external asset managers – and others – in Singapore and related wealth management hubs.

JAR Capital, a global wealth and fund management firm, has agreed to acquire Lyra Capital Pte, a multi-family office founded in 2007. 

As a result of the deal, JAR Capital’s assets under management will rise above $1 billion in Singapore alone, it said in a statement yesterday. With Swiss roots, JAR Capital was founded three years ago; it has offices in Geneva, Dubai and Singapore. A spokesperson for the firm said it is headquartered in Switzerland (an earlier version of this report incorrectly stated it was in London).

The combined team will operate from JAR Capital's expanded offices at One George Street, Singapore, with the headcount more than doubling to 18 staff.

The financial size of the agreement wasn’t disclosed; the transaction will be in cash and stock.

Such a move points to a level of corporate activity taking place in Singapore’s external asset management and multi-family office space. (See a related feature about the sector.)

The founders of Lyra Capital will become shareholders and directors of JAR Wealth Management Pte, acting as board members and client advisors. The CEO of Lyra Capital is Charles Monney.

“With this transaction, we are not only expanding our client base in Asia with a strong focus on Japan led by Akihiro Nemoto, but also enhancing the investment platform and services available to our clients developed by our CIO Karol Bonati since the opening of our Singapore office in 2022,” Tim Walter, CEO of JAR Wealth Management Pte, said.

Lyra Capital’s relationships in Asia will complement JAR Capital's existing global client base and accelerate market penetration across Japan under the leadership of Akihiro Nemoto (managing partner, head of Japan desk), Thailand, Indonesia, Australia, and beyond, JAR Capital said. 

The deal brings clear operational and investment synergies. JAR Capital offers a investment platform – including a global investment committee spanning Geneva, Dubai, and Singapore – featuring in-house fund strategies and curated third-party fund access.

 JAR Capital also said it has built “robust fund management capabilities under Singapore's Variable Capital Company (VCC) regime.”