Independent Wealth

Carret Private and Lumen Capital Investors merge to become Asia’s leading Multi-Family Office

Carret Private Investments and Lumen Capital Investors have announced the finalisation of an agreement to merge, as part of a strategy to accelerate business growth in the fast-growing multi-family office segment in Asia.

The merger will encompass several areas, including portfolio management, research, business development and operational optimisation. The two firms intend for the merger to give rise to new business and investment opportunities in the near future.

For the time being, the two firms will continue to operate independently in their respective markets, with Carret operating through its wholly owned HK-based subsidiary, Carret Private Capital, and Lumen being based in Singapore.

The merged entities have over USD2 billion in assets under management, with Carret priding itself on its ability to source and find interesting outstanding investment products in an alternative space which private banks don’t typically source, and the fact that it operates for its clients with a selection of top-flight custodians, as shared by Kenny Ho, Managing Partner, in an interview with Hubbis earlier this year.

Of the merger, Ho observed that “North Asian clients are increasingly looking for investment and custodial solutions in Southeast Asia. We believe that given its strategic positioning in Singapore, Lumen is perfectly situated to enhance Carret Private’s overall value proposition. Additionally, Carret Private and LCI have a complimentary range of investment solutions.”

Wilfried Kofmehl, Founding Partner of Lumen, commented that “The merger of our two firms will help us to continue the strong growth that we have achieved over the last decade. I am delighted to work with Carret Private. I have known the CEO Kenny Ho for over 13 years when we were both founding members and executive board members in establishing Bank Julius Baer’s presence in Asia.”

Kofmehl left Julius Baer in 2010, having been the Chief Executive Officer of the bank’s Singapore operation. He founded Lumen to provide independent wealth management, investment and advisory services, with the firm being created in response to the fast-changing landscape in the private banking industry.

In January of 2019, Michael Chin, the previous Chief Executive Officer of UBS Singapore, joined the firm as Vice Chairman and Partner. Similarly, Masahiro Kojima and Trina Pek joined the firm from Nomura in 2018.

Ho left Bank Julius Baer in 2016, partnering with Carret in the US to create Carret Private Capital in Hong Kong. Carett Private Capital itself is a multi-family office asset manager focused on wealth management, principal investments and corporate advisory.

Today, it includes its Arocrest Capital Management, which provides investment and management expertise to Arocrest Company, and SBI Carret, a FinTech joint venture company between Carret Private Investments and SBI Hong Kong Holdings.