Digital Wealth Platform Endowus with $1.5 Billion AUM Buys Majority Stake in Hong Kong MFO Carret Private with $2.5 Billion AUM, Combined Group AUM of $4 Billion
17th October 2022 | Hong Kong
Digital wealth platform Endowus ($1.5 billion AUM) has bought a majority stake in Hong Kong multi-family office Carret Private ($2.5 billion AUM), with combined group AUM of over $4 billion. The new Endowus Group, through Carret Private’s minority shareholding, will also have a strategic partnership with Singapore-based Lumen Capital Investors, a multi-family office founded by Wilfried Kofmehl who was the former CEO of Bank Julius Baer Singapore. In 2019, Carret Private & Lumen Capital Investors had announced a merger to become Asia’s leading multi-family office. Carret Private was founded in Hong Kong in 2016 by Carret Asset Management. (Carret Asset Management was founded in 1963 by Philip L. Carret, an investment legend who pioneered the concept of “value investing.” He founded Carret Asset Management to create a family office providing investment services for institutional clients and high net worth families.). Samuel Rhee is the Chairman & Chief Investment Officer of Endowus, has more than 28 years of experience in the wealth management industry, and was previously the CEO & Chief Investment Officer for Morgan Stanley Investment Management in Asia. Kenneth Ho is the Managing Partner of Carret Private, and was an integral member of Julius Baer’s core regional executive management team in establishing its Asian franchise in 2006.
“ Digital Wealth Platform Endowus with $1.5 Billion AUM Buys Majority Stake in Hong Kong MFO Carret Private with $2.5 Billion AUM, Combined Group AUM of $4 Billion “
Samuel Rhee, Chairman & Chief Investment Officer of Endowus:
“We are excited to announce the coming together of Endowus and Carret Private, two companies wholly focused on serving our clients as trusted independent wealth advisors. Endowus brings strength in technology and innovative WealthTech solutions that complement the deep trusted relationships Carret Private has built with its broad client base in Asia. Endowus is doubling down on the wealth business. 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.”
Philip Carret
Philip Carret began his investment career in 1924 and founded the “Pioneer Fund” – one of the first mutual funds in America. Carret’s disciplined and effective approach to investing was applauded by noted value investor Warren Buffet who said Carret had established “the best long-term investment record of anyone in America. Carret Asset Management was founded in 1963 by Philip L. Carret, an investment legend who pioneered the concept of “value investing.” He founded Carret Asset Management to create a family office providing investment services for institutional clients and high net worth families.
Carret Private
Carret Private Capital is a Hong Kong based independent asset manager that focuses on holistic solutions for ultra-high-net-worth families. It is licensed Type 1, 4, and 9 with the Hong Kong Securities and Futures Commission.
Lumen Capital Investors
Lumen Capital Investors Pte. Ltd (LCI) is an independent Multi Family Office and Asset Manager established in Singapore since 2010.They base themselves in Singapore, the fast growing financial center in the center of Asia. LCI operates an open architecture model with a wide range of Private Banking Partners and a team of over 25 dedicated professionals. They are licensed by the Monetary Authority of Singapore.
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