Singapore's digital wealth platform Endowus acquires Hong Kong's Carret Private

Singapore-based digital wealth advisor Endowus has acquired a majority stake in Hong Kong-based wealth manager and multi-family office Carret Private Investments Limited, it announced (Oct 17).

With the acquisition, total assets under management of the Endowus group - comprising Endowus' licensed companies in Singapore and Hong Kong, as well as Carret Private - stands at more than US$4 billion (S$5.7 billion) across tens of thousands of clients as at the end of the first half this year.

The group, through Carret Private’s minority shareholding, will also have a partnership with Singapore-based wealth advisor and multi-family office Lumen Capital Investors.

Lumen is founded and led by Wilfried Kofmehl, former CEO of Bank Julius Baer Singapore.