GLAS Successfully Completes Acquisition of Singapore’s Watiga Trust and Watiga Asia
The Global Loan Agency Services Group (“GLAS”) is pleased to announce the successful completion of its acquisition of Watiga Trust and Watiga Asia, collectively known as “Watiga.” This transaction, initially announced in March earlier this year, was subject to regulatory approval from the Monetary Authority of Singapore (MAS), which was granted in late November. The deal marks a significant milestone for GLAS, expanding its service offerings and presence in the Asia-Pacific region.
Expanding Local and International Capabilities
With the acquisition now finalized, GLAS will be able to provide its loan agency and trustee services to local clients in Asia directly from its new Singapore base. This integration not only enhances GLAS’s ability to serve its growing client base in the region but also extends Watiga’s offerings to include a broader, more robust international service platform. This expansion is designed to further elevate GLAS’s position as a trusted service provider on a global scale, ensuring clients have access to enhanced solutions across different markets.
This acquisition is GLAS’s second significant expansion in 2024. In April, the firm acquired Pristine, a French asset management and fiducie company. The integration of Pristine has already proven successful, enabling GLAS to jointly support a larger, more diverse client base, which has reinforced the strategic rationale behind these acquisitions.
Expanding GLAS’s Reach Across Asia-Pacific
The acquisition of Watiga greatly strengthens GLAS’s footprint in the Asia-Pacific region. With this new addition, GLAS now employs over 60 professionals in the region, a team that will be critical in driving the company’s expansion efforts. This will also help GLAS to meet increasing demand for its services in Asia, particularly in areas such as corporate trust, loan agency, and fund administration services.
Watiga is a well-established provider of corporate, trust, and funds services in Singapore. Watiga Trust is a licensed trust company regulated by the MAS and is an Approved Trustee for Collective Investment Schemes. The company is well-known for offering a comprehensive range of tailored trust, fiduciary, and custodian services. Watiga Trust is also an active member of several prestigious industry organizations, including the Singapore Institute of Banking and Finance, the Singapore Trustees Association, and the Singapore Venture and Private Capital Association.
On the other hand, Watiga Asia provides a full suite of fund, loan, and company administration services. The company is a respected member of the Singapore Fund Administrators Association, further emphasizing its expertise in the industry.
Strengthening GLAS’s Regional Presence
GLAS has had a strong presence in the Asian market for several years, having been involved in high-profile debt restructuring projects in China, such as those involving Sino Ocean, Evergrande, and Sunac. The acquisition of Watiga will allow GLAS to further build on its existing success and support the expansion of its local capabilities in Asia. The firm will continue to ensure that its clients receive consistent, high-quality service through the integration of Watiga into its operations. Additionally, GLAS’s offices in Sydney, Melbourne, and Brisbane will provide further operational support to Watiga, strengthening the overall service network in the region.
A Global Vision for the Future
Mia Drennan and Brian Carne, the Founders of GLAS, expressed their enthusiasm about the acquisition: “This has been an incredible year for GLAS, and we are thrilled to extend our capabilities in the Asia-Pacific region. Our local presence in Singapore will enable us to service our clients in their time zone, offering a seamless experience. We look forward to working closely with Matt and the Watiga team to expand our service offerings and create more global opportunities for our clients.”
They added, “This acquisition solidifies our global presence, enhancing our regulated coverage across the Asia-Pacific region, Europe, and the Americas. It also allows us to provide our award-winning services and products to an even wider array of clients, reinforcing our commitment to supporting businesses worldwide.”
A Bright Future Ahead for Watiga and GLAS
Matt Richards, the Founder and Managing Director of Watiga, also shared his thoughts on the acquisition: “Building Watiga over the past thirteen years has been a rewarding journey, focused on meeting the needs of the market. We are excited to continue this journey with GLAS, a company that brings a fresh perspective and new opportunities to the table.”
Richards further expressed confidence in the combined capabilities of GLAS and Watiga: “GLAS’s technical expertise, innovative mindset, and strong financial infrastructure, coupled with its global reach, will provide significant benefits to our clients, personnel, and stakeholders. We are excited about the future and the opportunities this partnership will bring.”
