For China-backed startup, fund sales go online

ON A FLOOR in Marina Bay Financial Centre Tower 2 sits an alternative asset management giant on one side and on the other, a bank and a startup.

It is perhaps a fitting tableau on the ongoing disruption in financial services. Banks have long made money distributing funds managed by asset managers. Upstarts are plotting to disintermediate the industry not just in distribution, but in managing funds themselves.

The open concept office of Lu International, an online wealth manager, is just what one might expect. Meetings can be held in eclectically decorated rooms. The CEO works from a standing desk in a corner.