Independent Wealth

Carret Private reportedly buys CSOP’s Family Office Business

Carret Private has reportedly purchased CSOP Asset Management’s family office operation for an undisclosed sum.

Following the purchase, CSOP’s family office business will transfer its “existing multi-family office business to Carret Private, including its people and assets related to multi-family offices,” according to an article by Citywire Asia.

According to a comment by Kenny Ho, Carret Private’s Managing Partner & Founder, Carret is aiming to build a USD1 billion AuM family office business through the strategy acquisition.

The Citywire Asia article also explained that from October, Carret will also market institutional mandates on the Chinese offshore asset manager’s qualified foreign institutional investor platform and its exchange-traded fund products.

Melody He, Director, CSOP Asset Management, said: “Working with Carret Private creates many synergies as it allows us to tap into the 60-year history of Carret Private’s expertise in wealth management.”

CSOP only recently expanded its operations, opening a Singapore business in 2019. Carret itself undertook a merger with Lumen Capital Investors in 2019, and commented that the partnership made sense due to the its history of managing family office wealth.

“This allows CSOP to focus on its core ETF and fund management business whilst we help them market this expertise to family offices,” commented Ho.

CSOP recently launched several ETFs on the Hong Kong and Singapore stock exchanges. This includes the CSOP Hang Seng Tech Index ETF, that was listed on the newly-launched Hang Seng Tech index last month, reports Citywire Asia. In September, the firm listed the ICBC CSOP FTSE Chinese Government Bond Index ETF on the Singapore Exchange.