Singapore digital wealth platform Endowus acquires Hong Kong wealth manager Carret Private
- The merged group, with combined client assets of US$4 billion, will officially launch operations in Hong Kong by the end of the year
- The SFC granted a licence to operate in Hong Kong earlier this year
Singapore-based digital wealth adviser Endowus Group has acquired a majority stake in Hong Kong wealth manager Carret Private Investments.
The merged group will officially launch business in Hong Kong by the end of the year. Their combined client assets exceeded US$4 billion as of end June.
“Endowus and Carret Private have the ingredients and ambition to define the future of wealth management in Asia and to proliferate the rapid growth of independent wealth advisory services,” Gregory Van, CEO of Endowus, said in an announcement on Monday.
The acquisition of Carret Private signals Endowus is “accelerating entry and commitment to serve the needs of Hong Kong investors”, the company said in the announcement.
Before co-founding Endowus in Singapore in 2017, Van worked at UBS’ private fund group and was an early employee of food delivery and digital payments services app Grab.
“This acquisition comes at the perfect time as the region experiences a substantial growth in independent wealth management,” said Kenneth Ho, managing partner of Carret Private.