Endowus acquires HK wealth manager amid expansion plans

Endowus, a Singapore-based digital wealth advisory platform, has acquired a majority stake in wealth manager Carret Private as the former continues its expansion plans in Hong Kong.

Carret Private managing partner Kenneth Ho / Photo credit: Carret Private

With the acquisition, Endowus aims to bring its advisory services and investment solutions to the private wealth market in Hong Kong, which – together with Singapore – represents over 90% of cross-border wealth in Asia.

Endowus will be the first digital wealth service in Hong Kong to offer 100% trailer fee cashback to its clients, which will help address industry pain points such as high costs and misaligned incentives, the company said.

By the end of the first half of 2022, Endowus’ combined client assets surpassed US$4 billion. Since its establishment in 2017, the firm has raised a total of US$67 million in funding.

Meanwhile, Hong Kong-based Carret Private was founded in 2016, serving ultra-high-net-worth individuals, families, trusts, and charitable organizations across Greater China and Asia.

“At a time when larger private banks are consolidating their bottom lines, clients are now – more than ever – demanding unbiased, independent, and transparent wealth advice,” said Kenneth Ho, Carret Private managing partner, in a statement.

Endowus also announced that it will form a strategic partnership with Singapore-based independent asset manager Lumen Capital Investors to further grow its services.

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