Lu International in Singapore plans to target corporate clients in its next expansion phase, announcing Oversea-Chinese Banking Corporation as one of its first corporate clients.
Oversea-Chinese Banking Corporation (OCBC Bank) is one of its first corporate clients with access to its investment products, the company said in a media release.
"We have also seen substantial interest from private equity firms keen on exploring new forms of distribution. This success is largely due to the credibility and returns which investors have experienced on the platform. It is also an exciting phase as we continue to expand our product line and open our doors to welcome corporate clients in Asia," said Kit Wong, chief executive of Lu International.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 $10.2trn in 2025 from $5.3trn in 2017, according to a recent PwC report.
Lu International is also on track to introduce a robo-advisory service in mid-2019.
Lu International was established 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 the Ping An Group, the largest integrated financial services company in China.