Digital wealth platform Endowus Pte acquired a majority stake in an independent wealth manager in Hong Kong as the Singaporean company builds out its business beyond the city-state.
The merged group, with combined client assets of US$4 billion, will officially launch operations in Hong Kong by the end of the year.
Endowus has acquired a majority stake in Hong Kong-based wealth manager and multi-family office Carret Private Investments Limited. With the acquisition, total assets under management of the Endowus group stands at over $4 billion across tens of thousands of clients as at the end of the first half this year.
Endowus said the combined companies will have complementary expertise in technology, talent, and systemic wealth advice. The acquisition will be a springboard for Endowus to enter the Hong Kong market.
Endowus has crossed the S$2 billion client asset mark, less than three years after launching operations.
Endowus is the first digital wealth management platform in Hong Kong that does not accept trailer fees or commissions.
Endowus has obtained the licenses for Type 1, Type 4 and Type 9 businesses from the Hong Kong Securities and Futures Commission.
Endowus has raised S$35 million led by Prosus Ventures and Singapore’s EDBI, to bankroll an expansion in Asia’s two regional financial hubs.
Endowus aims provide its Hong Kong clients with an enhanced and never-before wealth management experience.
Digital wealth platform Endowus has secured investments from UBS Group AG, Samsung Ventures and Singtel Innov8 to fuel expansion.
According to Endowus, as a global wealth manager, UBS will be its strategic partner while Samsung and Singtel Innov8 can help extend its reach with the former’s mobile technology expertise.
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