A Hong Kong-based multi-family office is merging with a Singapore-based rival, finews.asia can reveal. The roots of the $2 billion asset tie-up are with Julius Baer in Asia.
Hong Kong-based Carret Private Investments (Carret Private) and Singapore-based Lumen Capital Investors, or LCI, have agreed to merge in the fast-growing multi-family office segment in Asia, a source familiar with the move told finews.asia.
Carret Private is an offshoot of New York-based asset manager Carret founded in 1963. The Carret-Lumen cooperation includes portfolio management, research, business development, and operational optimization.
Ex-Julius Baer Bankers
LCI founding partner Wilfried Kofmehl and Carret Private boss Kenneth «Kenny» Ho (pictured above) are both ex-Julius Baer bankers in Asia. «The merger of our two firms will help us to continue the strong growth that we have achieved over the last decade,» Kofmehl said.
Wealthy clients in northern Asia are increasingly looking to put their money into investments or custody in southeast Asia, according to Ho. «Given its strategic positioning in Singapore, LCI is perfectly situated to enhance Carret Private’s overall value proposition,» he said.
Keeping Brand Names
Carret and LCI said they share a philosophy of high-end investment and wealth management solutions to create long-term value for rich clients. It is expected that the merger between the two firms will give rise to new business and investment opportunities in the near future.
Together, the two have in excess of $2 billion in assets under management. For the time being, Carret and Lumen will continue to operate in their respective markets under their existing name brands.
Asian Franchise
Kofmehl, a former CEO of Swiss bank Julius Baer in Asia, founded LCI in 2010. Conceived as a family office, the company offers traditional wealth management as well as trust, real estate, and fiduciary advice. The firm's name is derived for the Latin term for «light».
Ho has been in the banking industry for over 20 years, the last 13 of which he was in private wealth management. Prior to Carret Private, he was one of the core regional executive management members to establish the Asian franchise of Julius Baer in 2006.
