Lumen Capital Grows Into New Offices in CapitaGreen
«Companies are not defined by their offices, but by people and by trust,» Wilfried Kofmehl, Founder of Lumen Capital Investors, stated at the Grand Opening of the company’s new offices in CapitaGreen in Singapore. Though not defined by its office, the modern new space is significant as it signals the firm's development.
By Floyd Cowan, Writer and Publisher of «Asian Journeys»
In 2010, Wilfried Kofmehl, former Singapore CEO of Julius Baer, along with key investors and knowledgeable and experienced personnel, opened the company’s first location in Clifford Centre. «They were very modest offices, and our future was not yet written,» he said on Wednesday evening at a reception in Singapore.
While the future was not yet written, the vision was in place. «We had the conviction that trust matters,» Kofmehl told the many staff and investors, past and present, family and colleagues in the finance industry who crowded the office. Workers serving drinks and canapés and taking care of the music were the first people that Kofmehl thanked. «Usually, they are mentioned at the end, almost as an afterthought. They are very important. This doesn’t happen without them.»
Promise of Future Prosperity
CEO Jan Dirkmann (Image: handout)
The evening began with guests streaming in between rows of colourful Grand Opening Flower Stands displaying congratulatory cards. When they were settling in, a traditional lion dance brought noise and excitement and the promise of future prosperity.
The need for new offices was the result of growth over the past 15 years and the recent merger of the Family Office and Wealth Management division of Aument Capital Group (ACG) into Lumen Capital Investors (LCI). CEO Jan Dirkmann told finews.asia, «We are now 36 in the new office, with eight having joined from Aument’s side. We were really attracted to this building, which is within walking distance of Raffles Place and near the banks at Marina Bay Financial Centre. We are adjacent to Lau Pa Sat, many restaurants, and to MRT stations.
Significant Asset Base
CapitaGreen building in Singapore's CBD (Image: CapitaLand)
«The building has earned the highest green credentials, not only because of its design featuring sky gardens and a giant red wind funnel at the top of the building that draws fresh air down through a central atrium, naturally ventilating the structure and reducing energy consumption. Our new neighbours are major financial and professional services firms, with Bordier, one of our partner banks, amongst them,» Dirkmann added.
«In today’s environment, with increasing complexity and governance requirements, it becomes more and more difficult for smaller single-family offices to operate professionally,» Thomas von Rueti, Chief Operating Officer (COO) and Chief Risk Officer (CRO) explained. «Many of them may be too small, as a significant asset base is required to justify the structure and provide a high degree of governance quality for the clients. Only a midsize organization can provide that.»
Like a Lighthouse
Grand Opening at Lumen Capital Investors (Image: handout)
Kofmehl reminisced about LCI’s development. «When we launched Lumen, we believed that clients deserved something better than what was then being offered. Our independent asset management model ensures clients’ interests are aligned with ours, and that investment portfolios are constructed to best suit our clients.»
«Lumen means light. Like a lighthouse, showing the way,» Kofmehl continued. «These new offices are a symbol of movement, a sign of change that is happening in our industry. Changes are accelerating with tech redefining everything. If you hide from the opportunities that tech provides, you will lose.»
What Matters Most
Though Kofmehl believes in the importance of tech, he thinks that in his industry, trust is of utmost importance. «Trust is what matters most,» he stated. «People are your most valuable asset. Lumen was built by many talented people, such as Partner Nick Rossinsky, who has over 15 years of experience in the wealth management industry.»
Kofmehl introduced Dominic Schacher as Chief Commercial Officer (CCO) and Managing Partner, joking, «he is my new wife.» Schacher is a seasoned finance professional with many years in the industry. «He brought talent and vision to the company. He is a racehorse that you have to hold back.» Commenting on the growth of family offices, Schacher told finews.asia, «it is more sophisticated now. We have moved from Excel to tech. It has been a big transformation. We have more information, and the clients have more information.»
Out of the Limelight
Traditional lion dance (Image: handout)
Kenny Ho, Non-Executive Director, who seemed to prefer keeping out of the limelight, gave a slight nod and a small smile when Kofmehl acknowledged his contributions to Lumen’s growth. «He has witnessed the journey. He has helped us to shape this firm. Thank you for your trust, thank you for your confidence in us.»
Charlene Chen, Head of HR, Finance, was warmly introduced by Kofmehl, who called her a visionary. Since 2002, she has accumulated years of experience in private banking, compliance, and operations across various financial institutions.
«I wonder what will be in this speech in 10 years’ time,» Kofmehl mused. «Like the past decade, in the next decade the world will probably become more complex. We are moving more to client solutions rather than business solutions, and I expect that will continue.»
Smaller Firms on the Radar
Dominic Schacher and Wilfried Kofmehl; from left (Images: Media Gallery)
«Since our inception, it has been a period of growth. We will continue to grow,» Kofmehl added. «We will grow organically, in the area of 10 to 15 percent a year. We will onboard talent when they are available. Next, we will acquire smaller firms that align with our philosophy. And as opportunities come up, we will be alert to what they can bring to the company.»
Wrapping up his speech to the people who are «the closest we have to a family,» he said, «they are the people we have gone through the struggle with. People we can trust are the most valuable asset we have to develop a successful future.»
