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CMBCI invests in New York-based wealth management business

CMBCI invests in New York-based wealth management business

(12 August 2016 – Hong Kong) CMBC International Holdings (CMBCI), a subsidiary of China Minsheng Banking Corp., 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, a multi-billion dollar investment manager based in New York.

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.

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