Saxo Singapore has discontinued its wealth management products for clients in the country.
The bank and trading platform will no longer offer its SaxoWealthCare and SaxoSelect solutions in Singapore from 10 December onwards.
According to a statement on the firm’s website, clients of the wealth management services were notified of the change through multiple channels including email, SMS, and in-platform messages.
The clients were advised to close their positions and withdraw and/or transfer their funds by 9 December.
Following the discontinuation of the products, Saxo Singapore has also extended different alternatives to clients. These include both options within and outside of Saxo’s offerings.
“Saxo Singapore regularly reviews our product offering and has come to the difficult but necessary decision to discontinue our wealth management offering,” the statement added.
“In this transitional period, our top priority is to ensure clients receive the support they require.”
The update comes as Saxo Bank has reportedly attracted acquisition bids from investors and rival platforms, including Interactive Brokers.
Denmark-headquartered Saxo has seen interest from bidders such as Interactive Brokers Group, Bloomberg reported earlier this month.
Other parties interested in acquiring the firm include a consortium of Altor Equity Partners and Centerbridge Partners, which have submitted a non-binding bid.
On 2 October the bank rolled out its SaxoInvestor service for UK clients, providing access to more than 70,000 global instruments including stocks, ETFs, bonds and mutual funds.
Saxo also launched a US election trading hub in October providing new clients access to commission-free trading of the most 100 popular US stocks.
Saxo Bank currently oversees around $120 billion of client assets globally, with its UK branch growing assets to around £2 billion last year.
In a 2019 interview with the Good Money Guide, it’s UK CEO at the time Andrew Edwards said: “Saxo targets a more sophisticated, professional trader, and that includes people that are looking to create wealth or enhance their portfolio value.”
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
