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Exclusive: Kamet Capital is now a multi-family office

Exclusive: Kamet Capital is now a multi-family office

Singapore-based single family office Kamet Capital Partners has evolved into a multi-family office, having signed its second big client this year.

Speaking to Citywire Asia, Kerry Goh, Kamet's chief executive and chief investment officer, said the firm started managing the assets of a Chinese entrepreneur in the second quarter after the tycoon sold his technology start-up for more than $1 billion.

This includes taking care of the family's wealth structuring, investment management, administrative and philanthropy needs.

Now with a second client onboard, Kamet's assets under management has crossed the SGD 250 million ($181.8 million) mark - a maximum threshold to retain a registered fund management permit in Singapore.

As such, the firm is currently in the process of converting its asset manager permit to a capital markets services licence. 

A capital markets licence, however, comes with more stringent regulatory requirements, such as know-your-customer checks and internal audits, which will require a bigger team, Goh said.

'Once the appropriate hires have been made, we will be open to onboarding more new clients. A bigger platform will attract better talent, allow bigger cheque sizes on deals and negotiate better terms.

‘Moreover, a wider network of families and the bigger Kamet platform can bring better deal flow, analytics and investment capabilities,’ he added.

Kamet prefers to manage the wealth of billionaires with over $100 million in liquid assets. Goh said the firm has been approached by other families who are now under consideration. 

Previously the Asia head of discretionary portfolio management at Julius Baer, Goh launched Kamet Capital last March to manage the wealth of a North Asian entrepreneur.

Since then, the family office has grown its team from six to 14 employees, recently hiring the former deputy chief investment officer of Allianz Investment Management, Kian Ek Quek, to double up as chief risk officer and chief financial officer.

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