An Asia-based multi-family office is merging with an asset manager.

CARRET Private Investments (Asia), a multi-family office and an affiliate of New York-based CARRET Asset Management, has merged its Hong Kong private wealth business with QL Asset Management.

Financial terms of the merger were not disclosed. The agreement is subject to regulatory clearance. This publication is in contact with CARRET seeking clarification on the total size of assets of both firms, and may update in due course.

A spokesperson told this publication that the combined entity intends to reach $1 billion of assets under management by the end of this year.

QL, a Hong Kong-registered wealth management firm, was founded in 2015 and specialises in areas such as hedge funds.

Kenneth Ho, a managing partner and one of the founders of CARRET Private, said: "We are very excited to merge our wealth management franchise with that of QL. CARRET has more than 50 years of history in creating long-term value for its clients, and we believe that the philosophy and track record of QL perfectly suits the needs of our clients here in the region."                                               

CAM was founded in 1963 by Philip Carret, described by the firm as a “Wall Street icon and investment legend who pioneered the concept of value investing”. He founded the Pioneer Fund, one of the world’s first mutual funds.