Multi-family office Carret Private Investments has received investment into its Asian private wealth management business from a subsidiary of a mainland bank.
Carret Private Investments (Carret) has announced investment by CMBC International (CMBCI) Into its Asian Private Wealth Management Business. CMBCI is a wholly-owned subsidiary of China Minsheng Banking Corp, the shares of which are listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
Transfer of Expertise
The agreement states that on the back of the investment, Carret will foster a strong strategic cooperation with CMBCI to develop the wealth management business of Carret Private, and to work on a mutually beneficial core product offering to ultra-high net worth investors.
«We are extremely excited to enter into a strategic relationship with CMBCI. Carret has more than 50 years of history in creating long-term value for its high net worth clients, and we believe, that together with CMBCI, we can form a partnership to develop high end wealth management for Chinese clientele,» said Kenneth Ho, Managing Partner and one of the founders of the Company.
Last month finews.asia reported on the merger of Carret and fellow Hong Kong firm QL Asset Management.
