Singapore-Based Digital Wealth Platform Endowus Assets Under Advice (AUA) Increased by $2 Billion in 2024 to $7 Billion, Endowus Private Wealth for HNWIs AUA Increased to $2 Billion with $200 Million in Alternative Assets
18th November 2024 | Hong Kong
Singapore-based digital wealth platform Endowus Assets Under Advice (AUA) has increased by $2 billion in 2024 to $7 billion AUA, and Endowus Private Wealth for HNWIs AUA increasing to $2 billion with $200 million in alternative assets. Endowus (18/11/24): “This month, Asia’s leading digital wealth platform Endowus is celebrating five years since its public launch in Singapore, as the first and only digital advisor to offer Singaporeans comprehensive financial services across all wealth sources—Cash, CPF, and SRS. Today, Endowus holds licenses in both Singapore and Hong Kong, serving over 200,000 individuals, family offices, and institutions —covering a wide range of asset classes, including cash management, public markets, private markets, and alternatives including hedge funds managed by more than 80 leading global asset managers. Shaping Asia’s Wealth Journey – This year marked significant growth for the Endowus Group, with group client assets increasing by more than US$2 billion year-to-date, registering its fastest growth rate on record, pushing total group client assets above US$7 billion. Despite market volatility caused by events like Covid-19, geopolitical tensions, and interest rate fluctuations, Endowus clients have collectively seen over S$500 million in net gains through the platform. Over 340,000 wealth goals have been created on the Endowus platform across its discretionary and advised portfolios, bespoke portfolios and fund investing platform, Fund Smart. Clients continue to benefit from substantial savings from investing with Endowus, with an estimated US$50 million saved in fees to date. This is due to Endowus’ access to lower-cost funds at institutional share classes, and its industry-leading 100% cashback on trailer fees and zero sales charges … … Retirement planning remains a key mission for the company since inception, with CPF and SRS assets on the Endowus Singapore platform reaching S$2 billion, reflecting growth of over 60% year-on-year. The Endowus Investment Office continually evaluates top-tier funds for inclusion into the CPFIS, partnering with world-class fund managers like Amundi and Dimensional Fund Advisors to introduce low-cost, passive index investing options, aimed at improving retirement readiness for Singaporeans. Growth in Endowus Private Wealth / Private markets and Hedge funds strategies – The high-net-worth (HNW) investor segment was the fastest-growing area for Endowus, as more individuals and families invest over US$1 million on the platform. Thousands of accredited and professional investors are now leveraging Endowus’ diverse range of asset classes, including the newly launched Core Enhanced Portfolios, alongside institutional private markets, hedge funds, and alternative investments … … Currently, two-thirds of HNW accredited investors access alternatives directly through the Endowus app, reflecting a growing preference for digital platforms in managing these investments. Expanding its capabilities and offering, Endowus continues to partner with world-class alternative fund managers, adding prestigious names such as AQR, HarbourVest, and Campbell in the past year. Other major players, including Dimensional, KKR, Carlyle, Ares, Quantedge, and Point72, have been onboarded in the prior year. Early Success in Hong Kong – Endowus’ expansion into Hong Kong has been a pivotal moment in its growth story. In just six months since launching full-service operations in the city, Endowus saw client assets and accounts grow by over 150%, indicating a strong product-market fit. In a market traditionally dominated by securities, Endowus’ focus on diversification and evidence-based investing strongly resonates. The company also launched its first large-scale advertising campaign in Central, Hong Kong, themed “Elevate Your Wealth: Invest Better to Live Better” which will emphasise the benefits of fund access, low and transparent fees, evidence-based advice, and conflict-free wealth management. Endowus remains committed to expanding its mission of offering fee-only, conflict-free wealth management across Asia’s wealth hubs. The firm emphasises the importance of its fee-only business model, combined with technology-driven service, to improve investment outcomes, enhance retirement adequacy, and make a positive impact on society.” In 2023, Endowus with $5 billion AUM (Assets under Management) raised $35 million from new investors Citi Ventures, MUFG Innovation Partners & 4 Asia families, with existing investors participating in the latest $35 million funding round include UBS Next, Prosus Ventures (Naspers), Lightspeed Venture Partners, Singapore EDBI, Singtel Innov8 & Endowus employees.
“ Singapore-Based Digital Wealth Platform Endowus Assets Under Advice (AUA) Increased by $2 Billion in 2024 to $7 Billion, Endowus Private Wealth for HNWIs AUA Increased to $2 Billion with $200 Million in Alternative Assets “
Gregory Van, Chief Executive Officer of Endowus: “We are humbled to play an important role in systematically transforming the financial industry from the inside out, championing fair practices and innovative conflict-free business models that can be a win-win for clients, the wider industry, and Endowus. Importantly, this change is necessary, to address significant socio-economic challenges, such as retirement adequacy across Asia. As we celebrate five years of transforming wealth management in Singapore and Hong Kong, we are incredibly proud of our journey, driven by a commitment to transparency, accessibility, and putting our clients first. The remarkable growth we’ve achieved amid market challenges underscores the demand for our fee-only model. As we continue to innovate and expand, we remain dedicated to helping individuals and families achieve their financial goals with confidence.”
Samuel Rhee, Chairman & Chief Investment Officer of Endowus: “From the start, Endowus focused on making world-class financial services accessible to everyday investors. Through the years, our client base has become increasingly diverse, now including high-net-worth investors and family offices. By expanding our alternatives offering, we’re unlocking high-quality products that enable investors to diversify their portfolios and access new opportunities that were previously out of reach. Our commitment to providing top-tier financial products remains a priority, giving affluent individuals in Asia more options to manage and grow their wealth.”
Kenneth Ho, Managing Partner, Carret Private: “We are very excited to work in partnership with Endowus to enable the growth of our market leading position in the ultra high net worth and family office space. By leveraging the power of the Endowus ecosystem and platform, Carret Private meaningfully improved the experience of our clients and broadened the suite of solutions to offer a more holistic wealth experience. More importantly, we adopted the same conflict-free, transparent pricing solutions to revolutionise the wealth management industry.”
Carret Private is a multi-family office majority-owned by Endowus serving ultra-high net worth families.
Steffanie Yuen, Managing Director, Head of Hong Kong of Endowus: “We are thrilled with the highly positive reception and strong uptick in Endowus’ business growth in Hong Kong since our full service launch in April. Clients across all the wealth spectrum have been looking for new advisory experiences, especially ones that put their interests first. It’s an opportune time for Hong Kong’s wealth management sector to transform as Private Wealth is set to double to US$2.3 trillion by 2030. Endowus wants to be at the forefront of shaping that monumental growth for the industry.”
Endowus – Endowus is Asia’s leading independent digital wealth platform. With entities licensed by the Securities & Futures Commission of Hong Kong and Monetary Authority of Singapore, Endowus is the first digital advisor in the region to span personal savings, private wealth and public pension (CPF & SRS in Singapore), helping investors – individuals, family offices, endowments, and institutions – grow their wealth holistically, with conflict-free advice and access to institutional financial solutions at low and fair fees, through a personalised digital wealth experience. Founded in 2017, Endowus has raised a total of US$95 million in funding from investors including UBS, Citi Ventures, MUFG Innovation Partners, EDBI, Lightspeed Venture Partners, Prosus Ventures, Samsung Ventures, SBVA, Singtel Innov8, and Z Venture Capital, some of the largest family offices in Asia, as well as the founders and employees of Endowus. Endowus continues to push the boundaries on innovation and democratising access, as it partners with 80+ global fund managers across public markets, private markets, hedge funds and alternatives to provide world-class solutions to its clients at a fair and transparent cost, delivered through Endowus’ fee-only business model. Endowus Private Wealth clients have access to a comprehensive range of expertly curated strategies in private markets and alternatives from firms such as EQT, Carlyle, Partners Group, KKR, Ares, Brookfield Oaktree, HarbourVest Partners, Millennium, Point72, Balyasny, Brevan Howard, Bridgewater, Schonfeld, Hudson Bay, LMR, AQR and more. Endowus’ leadership and growth have been recognised by the industry and it has attained numerous awards including recognition on the inaugural Fortune Fintech Innovators Asia 2024 list, as one of the leading WealthTech providers amongst 60 brands across the region transforming finance. Other accolades include Singapore’s Best Digital Wealth Management (Asia Asset Management’s Best of the Best Awards 2024), Singapore’s Best Digital Upgrade for enhancements made on the Endowus app (The Asset Triple A Digital Awards 2024), Singapore’s Best Digital Wealth Management Experience (The Asset Triple A Digital Awards 2023), and Best WealthTech Solution 2023 (Asian Private Banker 9th Technology Awards). Endowus is also among the firms named in the World Economic Forum’s Technology Pioneers 2023, LinkedIn Top Start-ups 2024 and Forbes’ “100 to Watch” list for 2022.
Carret Private – Carret Private is Asia’s leading multi-family office asset manager focused on wealth management, private investments and multi-generational wealth planning. Carret Private offers best in-class investments through a team of highly experienced, senior professionals, providing customised services with full alignment of interests with clients. Carret Private is licensed by the Hong Kong Securities and Futures Commission to conduct type 1 (Dealing in Securities), type 4 (Advising on Securities) and type 9 (Asset Management) regulated activities under the Securities and Futures Ordinance. Since becoming fully licensed in early 2018, CPC has been on a trajectory to become the leading independent wealth manager in Asia – recognised by top award giving bodies including: Best ‘Chief Executive Officer’ award for Kenny Ho by WealthBriefingAsia, ‘Best Boutique Wealth Manager’ title from the The Asset’s Triple A Private Capital Awards and ‘Best Independent Wealth Manager – Asia Pacific’ by Asian Private Bankers’ in 2021 and 2020.
$5 Billion Singapore Digital Wealth Platform Endowus Raised $35 Million from Citi Ventures, MUFG Innovation Partners & 4 Asia Families, Existing Investors Participating Include UBS Next, Prosus Ventures, Lightspeed Venture Partners, Singapore EDBI, Singtel Innov8 & Endowus Employees
9th August 2023 – Singapore digital wealth platform Endowus with $5 billion AUM (Assets under Management) has raised $35 million from new investors Citi Ventures, MUFG Innovation Partners & 4 Asia families, with existing investors participating in the latest $35 million funding round include UBS Next, Prosus Ventures (Naspers), Lightspeed Venture Partners, Singapore EDBI, Singtel Innov8 & Endowus employees. Founded in 2017, Endowus has raised a total of $95 million in funding from investors including UBS Next, Citi Ventures, MUFG Innovation Partners, EDBI, Lightspeed Venture Partners, Prosus Ventures, Samsung Ventures, SBVA, Singtel Innov8, and Z Venture Capital. In 2022, Endowus reported revenue growth of 80% organically, tripling group revenue, and acquired Carret Private (multi-family office). Endowus is the only digital wealth platform to serve both private wealth and public pension (first digital advisor for Singapore’s CPF-IS, Central Provident Fund Investment Scheme), and has over S$1 billion of pension assets managed through its platform in Singapore. Endowus had also launched low cost passive index funds in Singapore, Endowus Private Wealth for high-net-worth clients, providing access to private market, hedge fund, and alternative investment solutions. In 2023, Endowus launched in Hong Kong. Endowus: “This latest investment underscores Endowus’ wealthtech leadership and its success in building a sustainable business to tap into the rapidly expanding, multi-trillion-dollar wealth market opportunity in the region. Endowus will use the new funds to continue scaling and dominate its core markets of Singapore and Hong Kong to bring fee-only, conflict-free wealth management to a broader segment with greater penetration. Headquartered in Singapore, Endowus is the first digital advisor in the region to span both private wealth and public pension savings, helping investors grow their money with expert advice and access to institutional investment solutions at low and fair fees. Apart from goals-based investing into automated portfolios professionally curated by Endowus’ Investment Office, clients can also build single and multi-funds portfolios via the Fund Smart solution, where over 300 curated strategies by over 50 global fund managers are accessible at low cost across major asset classes including cash & money market, fixed income, equity, multi-asset and commodities. Additionally, Endowus Private Wealth clients can gain access to hedge funds, private equity, private credit, private real estate and other alternatives at comparatively lower minimums, lower fees, and higher liquidity.”
Samuel Rhee, Co-founder & Chairman of Endowus: “This successful fundraise at a critical time in the growth of the company is a validation of what we have built so far, and demonstrates the strong belief in the team’s ability to execute in building the digital wealth platform of the future. Endowus is today, one of the largest independent wealth managers and the fastest-growing digital wealth platform in Asia. It continues to pioneer the digitalisation of personal savings, private wealth, and public pension with an unwavering belief in our vision of solving the biggest problems of an individual’s future needs, such as retirement adequacy. We are ready to embark on the next stage of growth targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia.”
Gregory Van, Co-founder & CEO of Endowus: “The next stage of Endowus’ growth will hone in on the personalisation of a joyful and meaningful investing experience for all investors at scale. As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale. Endowus remains resolute in helping every individual take control of their wealth goals and achieve better outcomes by systematically fixing misaligned incentives and lack of transparency as a true fiduciary and fee-only advisor. Doing this right will result in a sustainable and generational business that will have a far-reaching socio-economic impact on the lives of our clients and society.”
Everett Leonidas, Asia-Pacific Head of Citi Ventures: “Today’s investors are seeking tailored, data-driven, and digital-first solutions to meet their lifestyles and long-term wealth needs. With its strong tech and product innovation, the Endowus team has built a top-tier digital total wealth platform, and have laid the groundwork for continued success in the future. We are excited to support their next phase of growth, leveraging Citi’s tremendous experience and expertise in the global wealth business.”
Takashi Sano, Chief Investment Officer of MUFG Innovation Partners: “Endowus’ commitment to empowering individuals in their wealth journeys aligns strategically with MUFG’s vision of promoting greater financial inclusion across Asia, where MUFG has strong business footprint. Their unique fee-only, digital-first business model is an industry best practice that lowers the cost of investing for many, while delivering institutional-grade solutions to the retail investor. We are proud to be partnering with the Endowus team to accelerate the growth of this exceptional wealthtech company that will broaden access to investment opportunities for all, and we look forward to many potential collaboration opportunities.”
About Endowus – Endowus is Asia’s leading independent digital wealth platform. With entities licensed by the Monetary Authority of Singapore, and Securities and Futures Commission of Hong Kong, Endowus is the first digital advisor in the region to span personal savings, private wealth and public pension (CPF & SRS in Singapore), helping investors grow their money with expert advice and access to institutional financial solutions at low and fair fees, through a personalised digital wealth experience. Founded in 2017, Endowus has raised a total of US$95 million in funding from investors including UBS Next, Citi Ventures, MUFG Innovation Partners, EDBI, Lightspeed Venture Partners, Prosus Ventures, Samsung Ventures, SBVA, Singtel Innov8, and Z Venture Capital. Other investors include some of the largest Family Offices in Asia, as well as the founders and employees of Endowus. The Endowus Group comprises Endowus’ licensed companies in Singapore and Hong Kong, as well as Hong Kong-based Carret Private. Endowus Group serves over a hundred thousand clients with content, advice and access. With group assets of over US$5 billion it is one of the largest independent wealth managers in Asia.
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 – 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.
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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