British fund manager Schroders has agreed to acquire a minority stake in WeInvest, a Singapore-based digital wealth services firm.

The investment forms part of WeInvest’s S$16.5m ($12.3m) Series A funding round, which also involved the participation of several senior financial industry professionals as angel investors.

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WeInvest offers end-to-end investment services includes technology platform, investment strategies, operations, execution and custody services for banks, wealth and asset managers, insurance companies and independent financial advisers.

WeInvest co-founder and CEO Bhaskar Prabhakara said: “With our expanding presence in digital wealth services, and Schroders’ focus on managing investments across a broad range of clients, we believe this investment forges a great strategic fit which will lead to higher value-add for our clients and the industry at large.”

The size of the stake to be acquired or the financial terms of the deal were not disclosed. The deal is expected to be wrapped up in June this year.

Schroders CEO for Singapore Susan Soh said: “Many of our distribution channels are actively evolving their platforms to equip their wealth advisers with digital tools to manage and service their clients more effectively, and to provide digital advice.  We believe this investment opens up opportunities for closer collaboration with our distributors, through a platform that enables them to tailor solutions for their clients.”