The acquisition underlies Endowus aim to cater to the needs and fulfill the requirements of well-heeled Asians who require independent financial advice with the assistance of advanced digital technologies
Endowus, the Singapore-based digital wealth advisor acquired a majority stake in Carret Private Capital Limited, an independent asset manager in Hong Kong, as the company moves forward to scaling up and expanding its operations beyond Singapore. The acquisition underlies Endowus aim to cater to the needs and fulfill the requirements of well-heeled Asians who require independent financial advice with the assistance of advanced digital technologies.
Endowus acquisition of a 60 percent stake in Carret Private Capital Limited would combine the firm’s digital wealth technology with Carret Private’s ultra-high net worth customers in and around Asia. The statement released by the company states that the companies together will serve clients with assets over US$4 billion without disclosing any other details regarding the value of transactions or the terms. Chief executive officer of Endowus, Gregory Van states that this would be the first time a start-up firm has “gone and bought a traditional player in the space”.
The acquisition of Carret Private Capital Limited in Hong Kong makes Endowus one of the largest independent wealth managers in Asia and also communicates the dedication of the firm to cater to the needs of regional wealth markets and investors in Hong Kong, said the statement. Samuel Rhee, The Chief Investment Officer at Endowus and Chief Executive Officer of Morgan Stanley Investment Management in Asia states that independent wealth management is coming up as a burgeoning business in Asia and there are remarkable advantages to scaling “into one of the largest independent wealth managers for the ultra-high-net-worth segment in Asia”.
Endowus group, through the acquisition of Carret Private, will also have a strategic partnership with Lumen Capital Investors, a leading multi-family office focusing on corporate advisory and wealth management founded by a former CEO of Bank Julius Baer Singapore, Wilfried Kofmehl. Lumen Capital Investors are established to provide investment, wealth management, and advisory services. Carret Private in 2019, got into an agreement to merge into this fast-growing office segment in Asia expanding the collaboration to several areas including research, business development, operational optimization, and portfolio management.
Endowus, which raised S$67 million, which is around $47 million in funding from investors including UBS AG, EDBI, Samsung Ventures, and Prosus Ventures, has been looking to gain a foothold in Hong Kong. For Kenneth Ho, who leads Carret Private, it was the right fit. Ho stated that the firm needed to get into the new age and added that Endowus is not just a digital company, it is so much more especially by having a strong investment team. Carret Private Capital Limited focuses on asset management and wealth management and provides complete solutions for ultra-high-net-worth families.
Endowus helps investors in Singapore to get into their financial portfolio across pensions, retirement plans, and cash savings. The total amount of assets Endowus is offering advice on reached more than S$2 billion in the month of August. Endowus and Carret Private Capital Limited will continue to operate under their own brands.
Endowus is a Singapore-based financial technology company that encourages people to manage their financial future. The company’s portfolios are developed on providing access to institutional-quality financial products at the lowest cost. Certified by the Monetary Authority of Singapore the firm provides its end-to-end digital solution to individual and institutional investors .
The firm’s proprietary systems provide data-driven wealth advice in building individualized solutions. Endowus is a fee-only independent advisor paid solely by its clients, that allows its advice to be unaffected by any conflict of interests. The company specializes in fintech, financial services, personal finance, roboadvisor, funds, investing, retail, wealth management, finance, financial technology, investment management, asset management, financial advisor, bonds, equities, asset allocation, portfolio management, portfolio construction, and portfolios.