The consideration will be fully paid in cash.
iFAST Financial, the wholly-owned subsidiary of iFAST Corporation, has entered into a business transfer agreement with DWS Investments Singapore for the transfer of its fund management business relating to its Singapore mutual funds platform, comprising seven authorized retail funds.
The purchase consideration of the transaction is estimated to be around $3 million, based on the fair value of the assets being acquired. The current assets under management (AUM) of the funds is approximately $600 million.
