With the acquisition, total assets under management of the Endowus group - comprising Endowus' licensed companies in Singapore and Hong Kong, as well as Carret Private - stands at over $4 billion across tens of thousands of clients as at the end of the first half this year.

The group, through Carret Private's minority shareholding, will also have a partnership with Singapore-based wealth advisor and multi-family office Lumen Capital Investors.

Lumen is founded and led by Wilfried Kofmehl, former CEO of Bank Julius Baer Singapore.

(Reporting by Rae Wee; editing by Diane Craft)