Singapore-based WealthTech platform Endowus has concluded the purchase of a majority stake in Carret Private, a wealth manager and multi-family office in Hong Kong.
Carret Private currently caters to ultra-high-net-worth individuals, families, trusts and charitable entities.
The latest deal is set to make Endowus one of biggest independent wealth managers in the region.
Together, the firms managed more than $4bn assets at the end of the first half of this year.
The deal is in line with Endowus’ plan to offer expert independent advisory services and investment solutions to the private wealth sector in Hong Kong and Singapore, which together account for more than 90% of wealth across Asia.
The newly closed deal has also allowed Endowus to form a strategic alliance with Singapore-based multi-family office Lumen Capital.
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Carret Private currently has a minority shareholding in Lumen Capital, which was established and headed by private banking veteran Wilfried Kofmehl.
Recently, Endowus revealed a plan to enhance its footprint in Hong Kong, along with key management recruitments and licensing by the Securities and Futures Commission of Hong Kong (SFC).
Endowus chairman and CIO Samuel Rhee said: “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.
“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.”