Hong Kong-based multi-family office Carret Private Investments has agreed to merge operations with Singapore-based rival Lumen Capital Investors (LCI).
The merger will create a multi-family office with more than $2bn in assets under management.
“It is expected that the merger between the two firms will give rise to new business and investment opportunities in the near future,” the companies said in a press note.
Carret Private Investments managing partner Kenny Ho said: “North Asian clients are increasingly looking for investment and custodial solutions in Southeast Asia.
“We believe that given its strategic positioning in Singapore, LCI is perfectly situated to enhance Carret Private’s overall value proposition. Additionally, Carret Private and LCI have a complimentary range of investment solutions.”
Commenting on the merger, LCI founding partner Wilfried Kofmehl said: “The merger of our two firms will help us to continue the strong growth that we have achieved over the last decade.”
LCI was founded in 2010 and provides trust, real estate and fiduciary advice as well as support on corporate finance.
Both companies will continue to operate under their existing brand names in their respective markets until the merger is complete.
Carret Private Investments offers wealth management and investment solutions to ultra-high-net-worth (UHNW) families.
The company’s Hong Kong-based subsidiary, Carret Private Capital, is licenced to conduct dealing in securities, advising on securities and asset management.