Following the transaction, the 200-member wealth management division of Pioneer will be merged into Fullerton securities. The terms of the transaction are not disclosed.

According to local media reports, the difficult business environment in retail broking business, coupled with PINC’s plan to focus on investment banking and institutional broking led to the merger.

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Sandip Raichura, who was heading Pinc’s wealth management division, had left the firm after the closure to set up Castanae Wealth Management. He took eight former employees of Pinc for his venture.

Fullerton Securities is a subsidiary of Fullerton Financial Holding, a Singapore-based financial holding company involved in investment and wealth management.