CARRET Private Investments (Asia) has agreed to merge its Hong Kong private wealth management unit with Hong Kong-based QL Asset Management Company.
CARRET said that the two entities have a similar investment approach and focus on offering high-end investment and wealth management solutions that creates long-term value for ultra-high net worth clients.
The deal, which is subject to regulatory approval, is expected to give rise to new business and investment opportunities in the coming days, CARRET said.
CARRET managing partner and founder Kenneth Ho said: "We are very excited to merge our wealth management franchise with that of QL. CARRET has more than 50 years of history in creating long-term value for its clients, and we believe that the philosophy and track record of QL perfectly suits the needs of our clients here in the region."
QL managing partner Young Jeong Kim added: "The merger of our two firms will help us to continue the strong growth that we have achieved over the last year. We are confident that there will be many marketing synergies to expand into new markets."
Established in 2015, QL specialises in wealth management and hedge funds comprising experienced experts in the financial, corporate and legal sectors. CARRET, a multi-family office, is an affiliate of New York’s Carret Asset Management. CARRET focuses on offering wealth management, principal investments and corporate advisory services.