Singapore-based digital wealth platform Endowus has acquired a multi-family office from Hong Kong.

Endowus has completed the acquisition of a majority stake in Carret Private – a Hong Kong-based wealth manager and multi-family office that serves ultra-high net worth individuals, families, trusts, and charitable organizations – according to a statement. The combined assets totaled $4 billion at the end of the first half of 2022.

Through Carret Private’s minority shareholding, Endowus will also obtain a strategic partnership with Singapore-based multi-family office Lumen Capital, founded and led by 30-year private banking veteran Wilfried Kofmehl.

In the future, Endowus will focus on vertically integrating its businesses to serve the needs of different client segments.

Hong Kong Expansion

Endowus first announced its Hong Kong growth plans following a funding round in April last year that aimed to help it expand to other hubs in Asia outside Singapore. In July, it hired ex-Value Partners executive Steffanie Yuen to lead the initiative, a step made before it subsequently obtained a license from Hong Kong's Securities and Futures Commission (SFC) to offer wealth management and advisory services.

According to Endowus, it will be «the first digital wealth service in Hong Kong to launch 100 percent trailer fee cashback to its clients».

Separately, the firm also rolled out an expanded product offering with the introduction of new private market and alternative solutions in collaboration with major industry players such as Apollo, Blackstone, Bridgewater, Hamilton Lane, KKR, Millennium, Partners Group, and Quantedge. It is also working with Allfunds, Antarctica, and iCapital for other private market solutions.

Carret Private

Carret Private is a Hong Kong-based multi-family office that became fully licensed in early 2018. It was set up by managing partner Kenneth Ho, a 25-year industry vet, and former Julius Baer banker.

«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,» said Endowus chairman and chief investment officer Samuel Rhee. «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.»