Cover Endowus co-founders Samuel Rhee and Gregory Van (Photo: Endowus)

The move will enable the Singapore-based company’s digital wealth services to tap into Carret Private’s clientele across Asia, which includes ultra-high-net-worth individuals and charitable organisations

Digital wealth advisory platform Endowus has acquired a majority stake in Hong Kong-based wealth manager and multi-family office, Carret Private Investments. 

With this, the company will be able to tap into Carret Private’s clientele of ultra-wealthy individuals and families, trusts and charitable organisations across Asia. The acquisition also comes off the back of the company announcing its plan to expand into Hong Kong.

With its launch in Hong Kong, Endowus will reportedly be the first digital wealth service in the special administrative region to offer its clients a full cashback on trailer fees, which are fees paid by fund managers to a broker or financial advisor for instance.

The Endowus Group will also gain a strategic partnership with Lumen Capital Investors, a Singapore-based multi-family office specialising in wealth management and corporate advisory.

“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,” says Endowus chairman and chief investment officer Samuel Rhee.

Read more: Endowus CEO Gregory Van Doesn’t Care About Earning Fast Money

Rhee, a former CEO and CIO for Asia at Morgan Stanley Investment Management, co-founded Endowus in 2017 with 2022 Gen.T honouree Gregory Van, who is the company’s CEO and had previously held roles at UBS and Grab. 

As of August 2022, Endowus has more than US$2 billion in assets under advice. It has also raised a total of US$67 million from investors including UBS, EDBI and SoftBank Ventures Asia. 

On the philosophy of the company, Van shared with Gen.T in a recent interview: “We want to build a sustainable business model. We’re not going for the quick win, fast money.”

See more news about the Gen.T community. View more honourees from Singapore on the Gen.T List 2022.