Hong Kong-based CMBC International Holdings Limited (CMBCI) has invested in the Asian private wealth management business of Carret Private Investments (Asia) Limited, the company said in a statement.
The financial terms of the deal remain undisclosed.
“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,” Kenneth Ho, Managing Partner and one of the founders of Carret Private Investments said.
Carret Private Investments (Asia) Ltd is an affiliate of Carret Asset Management (CAM), a multi-billion dollar investment manager based in New York.
CAM was founded in 1963 by Mr. Philip L. Carret, seeking to provide personalized investment services. Philip Carret is a Wall Street icon and investment legend who pioneered the concept of value investing. He founded one of the world’s first mutual funds, the Pioneer Fund, which he managed with great success for more than half a century.
Meanwhile, CMBC International Holdings Limited (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.
China Minsheng Banking Corp., Ltd. is a commercial bank established in China and together with its subsidiaries mainly provides corporate and personal banking, treasury business, finance leasing, asset management and other financial services in China.