Carret Private Investments (Asia) said it has received an investment of an undisclosed amount from CMBCI, a subsidiary of Mainland Chinese China Minsheng Banking Corp, and pursuant to this is about to embark on a “strong strategic cooperation” with its new business partner to develop its Asia wealth management business.
In a statement issued out of its Hong Kong office on Thursday, Carret said the deal will also see it working with CMBCI “on a mutually beneficial core product offering” aimed at ultra-high-net-worth investors.
Based in Hong Kong, Carret Private is a multi-family office business and an affiliate of New York-headquartered, privately-held Carret Asset Management, founded in 1963 by the late Philip L Carret, an early proponent of “value investing” and founder of what later became Pioneer Investments.
Kenneth Ho, managing partner and one of the founders of Carret Private, cited the parent company’s “more than 50 years of history in creating long-term value for its high-net-worth clients” in a statement in which he said how much and he and his colleagues were looking forward to working in “partnership” with CMBCI to developing a “high end wealth management” business for a Chinese clientele.
China Minsheng Banking Corp is a Shanghai- and Hong Kong- stock exchange listed commercial bank, which provides a wide range of banking services to individuals and businesses in Mainland China.