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Ping An adds to Singapore WM platform

The investment platform will offer private equity products in addition to the 16 mutual funds for sale to accredited investors.

In September, Lu International launched Lu Global, which is a mobile wealth management platform targeted to accredited investors in Singapore.

At the time of the launch, the platform had 16 mutual fund products available, including funds from Blackrock, JP Morgan and Pimco.

The platform, which now has 150,000 registered users, plans to expand its product offerings to include private equity products by the end of this year, according to a statement from the firm. It is also looking at adding ETF and hedge fund products in 2019.

The firm’s plans to include private equity products comes at a time where the asset class has become popular in Singapore.

Private equity is one of the fastest growing asset classes in Singapore. Last year, private equity assets grew S$186bn ($134.9bn) from S$152 in 2016, according to the Monetary Authority of Singapore’s latest asset management survey.

Kit Wong, Lu International’s CEO, noted in the statement that there has been some interest from private equity firms that are keen on exploring new forms of distribution.

The firm also intends to target corporate clients, with OCBC Bank becoming its first corporate client to have access to the mobile platform, according to the statement.

Separately, the firm noted that it is “on track” to introduce a robo-advisory service in mid-2019, but did not elaborate.

Lu International in Singapore was established in late 2017 by Shanghai Luijizui International Financial Asset Exchange (Lufax).

Lufax, which operates a wealth management platform on the mainland, is the financial services arm of Ping An.

Part of the Mark Allen Group.