Oclaner Asset Management, the Singapore-based investment firm that specialises in ultra-high net worth clients, has partnered with Codima, a Monaco-based firm, to expand both firms' presence in both areas. 

The deal has been in the works since June 2012 and upon completion will have Oclaner become the asset management unit of Codima. In turn, Codima will become the direct investment arm of Oclaner Asset Management, enabling the latter to widen its coverage of both Asia and Europe.

Codima specialises in financial solutions for families and institutions, including cross-border transactions, private equity and merger and acquisition deals and club investments. The time is also right for the partnership as a growing number of Asian families are looking for real estate and other types of investment in Europe.

There will be no official transfer of staff between the two firms and no plans to hire new employees, the firms said.