Lu International (Singapore) Financial Asset Exchange, which operates online wealth management platform Lu Global, is targeting corporate clients in Asia as part of its expansion.
The company announced Oversea-Chinese Banking Corporation as one of its first corporate client, in a statement on Thursday (6 December).
The firm is looking to further expand its product line by end of this year to include private equity as part of its asset classes.
Investments into private equity are expected to increase annually, with assets under management rising from to US$10.2 trillion in 2025 from US$5.3 trillion in 2017, according to a recent PwC report.
“We have also seen substantial interest from private equity firms keen on exploring new forms of distribution,” said Kit Wong, Lu International’s chief executive officer.
Robo-advisory service to come
Lu International is also on track to introduce a robo-advisory service in mid-2019.
The firm was formed in Singapore in 2017 by Shanghai Lujiazui International Financial Asset Exchange (Lufax), which operates China’s wealth management platform Lu.com. Lufax is a member of China’s Ping An Group.