Luxembourg-based SGG Group has acquired Iyer Practice, a family-run advisory and compliance services provider for corporates and private clients in Singapore and Hong Kong, for an undisclosed sum.
The latest deal will take the firm’s headcount to over 1,700 globally and 130 in Asia across offices in Hong Kong, Singapore, Japan and India.
The management team of Iyer Practice will retain leadership roles in SGG Asia. This includes Iyer Practice founder and chairman Shanker Iyer, who will join SGG Asia as executive chairman.
“As part of SGG Group we will be able to offer a greater range of services to our clients and leverage our global reach across 23 jurisdictions. We will continue to operate as Iyer Practice for the foreseeable future and all management and front-line staff will remain within the combined business,” Iyer noted.
SGG Group CEO Serge Krancenblum said: “Through this strategic acquisition, we will establish a strong presence in the attractive Asian markets which have experienced significant growth.
“We have found in Shanker, Sunil and Sanjay a team which has a strong reputation for quality and deep local market expertise that will allow us to further develop our corporate and private clients offering in Asia and I am delighted that the three of them will remain as an integral part of the business in senior management positions.”
SCG Group has been on an acquisition spree in the recent times. In December 2017, the company announced the First Names Group, a Jersey-based provider of private client, corporate and fund services.