(L-R) Endows CEO Gregory Van and Chairman and CIO Samuel Rhee
Singapore-based digital wealth advisory platform Endowus has completed the acquisition of a majority stake in Carret Private Investments.
Carret is a Hong Kong-based multi-family office asset manager focused on wealth management, private investments and multi-generational wealth planning.
With this acquisition, the Endowus group of companies will now vertically integrate to serve the needs of different client segments and look to provide superior investment and advisory solutions.
Together, the two firms manage client assets of over US$4 billion as of end-June.
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.
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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.”
Founded in 2017, Endowus has raised US$67 million in funding from investors such as UBS, EDBI, Prosus Ventures, Z Venture Capital, Samsung Ventures, Singtel Innov8, Lightspeed Venture Partners, and SoftBank Ventures Asia.
As of August, Endowus has more than US$2 billion in assets under advice.
Gregory Van, CEO of Endowus said, “We are here to advance the human wealth experience through technology, bringing the right level of personalisation and automation to make expert investing better for all of us. This mission transcends online and offline and touches everyone, from those at the beginning of their wealth journey to the ultra-wealthy.”
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