Singapore-based digital wealth manager Endowus is looking to hire more talent with a focus on technology, co-founder Gregory Van told finews.asia, underlining its importance for scaling the business.
Following its last fundraising round in August which saw investors including Citi Ventures, MUFG Innovation as well as some of Asia’s wealthiest families inject $35 million, Endowus will look to invest new capital in growth, according to co-founder and CEO Gregory Van. Its strategy now will be mainly focused on further developing technology and expanding the dedicated team.
«The beauty of building technology is that it's horribly painful to build. But once you've built it, you can build more things on top of it,» Van said in a conversation with finews.asia, adding that it will «scale the experience».
Tech Hiring
With more than 100,000 clients in various forms from retail individuals to family offices, Endowus is relying on technology to meet growing front and back office needs. And moving forward, it will focus on talent recruitment in the space.
«With around 70 people dedicated to building technology, it is now not necessary to hire more people in space,» Van added.
Client Segments
Of the more than 100,000 clients Endowus currently services, the high net worth (HNW) segment accounts for less than 20 percent of this base, compared to more than 80 percent for retail clients, though it makes up over 80 percent of the total assets under management, which exceeds $5 billion.
Family offices make up a small percentage of the base but this segment is growing quickly, according to Van. He cited positive feedback about the firm’s product platform which includes 80 managers and 300 strategists across private equity, private credit, direct real estate, hedge funds, equities, fixed income and money market funds.
M&A Opportunities
In October 2022, Endowus acquired a majority stake in Hong Kong-based multi-family office Carret Private. Through Carret Private's minority shareholding, it also obtained a strategic partnership with Singapore-based Lumen Capital Investors, founded by 30-year private banking veteran and ex-Julius Baer Singapore CEO Wilfried Kofmehl.
On further acquisitions in the future, Endowus remains open to potential opportunities.
«It's always on the radar», Van said, adding that there are no clear plans to raise new funds at the moment.
