Singapore-based digital wealth advisory platform Endowus has doubled its client assets in just one year to nearly $1.5 billion.
Client assets at Endowus crossed S$2 billion ($1.44 billion), according to a statement, doubling the amount from July last year when it announced that it had passed the S$1 billion mark. The amount includes assets from its private wealth and public pension offering.
Other key growth milestones achieved over the last 12 months include an over 120 percent increase in the number of clients served in Singapore and a 350 percent surge in assets on Endowus’ fund platform. In fact, the digital wealth manager boasts an offering of over 50 fund managers including Blackrock, Goldman Sachs, KKR and more.
«Being at the forefront in the proliferation of the fee-only revolution in Asia means we can only be paid by and serve our clients and no one else, thereby improving transparency and restoring integrity as fiduciaries,» said Endowus chief executive Gregory Van.
Hong Kong Plans
Following a funding round, Endowus announced in April last year that it would expand into other hubs in Asia including Hong Kong. In July this year, it hired ex-Value Partners executive Steffanie Yuen to lead the market.
In the latest, Endowus announced that it has received licenses from the Securities and Futures Commission to offer wealth management and advisory services with plans to launch later this year.
Singapore Summit
And in its home market and rival hub Singapore, Endowus is planning to host its first-ever summit on September 12 this year to discuss the state of wealth management technology in the city-state. The event will include speakers who are industry leaders from top institutions such as Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore.
«Wealthtech is still a nascent and emerging sector. While it is still early in its growth journey, no one can doubt its tremendous upside. We are at the frontier of an irreversible trend that will touch everyone’s well-being for decades to come,» said Endowus chairman and chief investment officer Samuel Rhee.
