Digital wealth advisory platform Endowus has acquired a majority stake in Carret Private Investments Limited, a Hong Kong-based wealth manager and multi-family office.
Together, the two firms manage client assets of over US$4 billion ($5.7 billion) as of end-June.
Endowus’ acquisition of Carret Private signals its accelerating entry and commitment to serve the needs of Hong Kong investors and its greater ambition to serve the regional wealth markets, says the company in an Oct 17 press release.
The Endowus Group, through Carret Private’s minority shareholding, will also have a strategic partnership with Lumen Capital Investors.
Licensed by the Monetary Authority of Singapore (MAS), Lumen is a Singapore-based wealth advisor and multi-family office founded and led by private banking veteran Wilfried Kofmehl, former CEO of Bank Julius Baer Singapore.
Samuel Rhee, chairman and chief investment officer of Endowus, says: “We are excited to announce the coming together of Endowus and Carret Private, two companies wholly focused on serving our clients as trusted independent wealth advisors. Endowus brings strength in technology and innovative WealthTech solutions that complement the deep trusted relationships Carret Private has built with its broad client base in Asia.”
See also: WealthTech venture funding here grew sevenfold from 2017 to 2021: Endowus, KPMG report
Kenneth Ho, managing partner of Carret Private, says: “This acquisition comes at the perfect time as the region experiences a substantial growth in independent wealth management. At a time when larger private banks are consolidating their bottom lines, clients are now more than ever, demanding unbiased, independent and transparent wealth advice.”
Ho adds: “This acquisition will help Carret Private to meet the three key trends in our industry of meeting the digital demands of our clients; creating more transparent, fee-driven businesses, and helping us to expand into the private markets asset class. We are excited for Endowus to be the engine in addressing these client needs and seizing growth opportunities for the group.”
Founded in 2017, Endowus has raised a total of $67 million in funding from investors such as UBS, EDBI, Prosus Ventures, Z Venture Capital, Samsung Ventures, Singtel Innov8 and global leading venture capital firms Lightspeed Venture Partners and SoftBank Ventures Asia. As of August, Endowus has more than $2 billion in assets under advice.
