Global asset manager, Schroders’ Singapore subsidiary has reached agreement to acquire the Singapore-based private client advisory unit of Commonwealth Bank of Australia. The business currently has over $600 million of assets under administration and employs 12 people. Schroders will pay $10 million in cash. The business will be managed as part of Schroders' private banking business segment. Khing Go, currently head of private banking Asia advisory for Commonwealth Bank of Australia will become head of private clients Asia for Schroders. Subject to regulatory approvals, the transaction is expected to complete in the first quarter of 2008. Philip Mallinckrodt, group head of Schroders private banking, said: "This acquisition represents a significant step for Schroders. We have a strong asset management presence in Asia and we now look forward to building a private banking business in the region."