Chinese lender CMBC International (CMBCI) has invested into the Asian private wealth management business of CARRET Private Investments (Asia), an affiliate of CARRET Asset Management.
Founded in 1963 by Philip Carret, CARRET Private is a multi-family office business and provides personalised investment services.
CARRET Private said that it will foster a strong strategic cooperation with CMBCI to develop the wealth management business of the firm; and to work on a mutually beneficial core product offering to UNHW investors.
CARRET Private managing partner and one of the founders Kenneth Ho said: "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."
CMBCI is a wholly-owned subsidiary of China Minsheng Banking Corp, whose shares are listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
China Minsheng Banking with its subsidiaries offers corporate and personal banking, treasury business, finance leasing, asset management and other financial services in the People's Republic of China.