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Singapore-Based Digital Wealth Player Completes Carret Transaction
The purchase of a majority stake in Hong Kong's Carret brings together Endowus, Lumen Capital Investors, with Endowus covering the two main financial hubs of Asia.
Endowus, the
Singapore-based digital wealth advisory platform, has completed
its acquisition of a majority stake in Carret
Private Investment, the Hong Kong-based wealth manager and
multi-family office.
With this acquisition, the Endowus group of companies can
vertically integrate to serve different types of clients. The
transaction will lift Endowus Group’s business presence: the
firm’s client assets surpassed $4 billion at the end of June this
year, Endowus said in a statement.
Through Carret Private’s minority shareholding, Endowus also has
a strategic partnership with Singapore-based Lumen Capital
Investors. Lumen, licensed by the Monetary Authority of
Singapore, is a wealth advisor and multi-family office founded
and led by Wilfried Kofmehl, a private banking veteran with 30
years of experience with institutions such as UBS. Kofmehl is
also the former CEO of Bank Julius Baer Singapore.
“With our new strategic shareholder, we believe that we can
methodically and radically change the way investing will be done
in the future for Asia,” Kenneth Ho, managing partner, Carret
Private Capital, told this news service.
Expansion
A wealth advisor spanning the private wealth (cash) and public
pension savings (Central Provident Fund & Supplementary
Retirement Scheme), Endowus recently announced its Hong Kong
expansion plans, management hires, and licensing by the
Securities and Futures Commission of Hong Kong.
The firm said that the Carret deal bolsters its drive to bring
professional independent advisory services and investment
solutions to the private wealth market in Hong Kong and
Singapore, which represent more than 90 per cent of cross-border
wealth in Asia.
Endowus said it will be the first digital wealth service in Hong
Kong to launch 100 per cent trailer fee cashback to its clients,
doubling down on its mission to make investing more affordable
for everyone.
“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. Endowus is
doubling down on the wealth business,” Samuel Rhee, chairman and
chief investment officer of Endowus, said.
“The combination of Endowus, Carret Private and the partnership
with Lumen will allow us to scale and grow faster and lead the
industry towards greater transparency and integrity in providing
the highest quality wealth advisory services as fiduciaries and
the lowest cost access to solutions that help our clients achieve
better outcomes,” Rhee said.
Rhee was previously CEO and chief investment officer for
Morgan Stanley Investment Management in Asia.
Carret has won several awards from this news service. It was
awarded "Best Overall External Asset Manager in Asia” at the
WealthBriefingAsia Awards 2022.
Kenneth Ho
Prior to setting up Carret Private, Ho was a member of Julius
Baer’s core regional executive management team in establishing
its Asian franchise in 2006.
Ho, who held various leadership positions at Julius Baer,
including deputy global head of investment solutions group, is a
member of the Asia executive board and global investment
committee. Prior to Julius Baer, Ho was on Credit Suisse’s
regional executive committee. In 2020, he was recognised by
WealthBriefingAsia as the “Outstanding Individual in
Private Banking.”