Part of a mainland China bank has invested into CARRET Private Investments (Asia), as the MFO and wealth manager continues to develop its business.

CMBC International Holdings, part of China Minshend Banking Corp, has invested into CARRET Private Investments (Asia), the wealth manager and multi-family office, which is an affiliate of New York-based CARRET Asset Management.

The financial size of the investment wasn't disclosed.

The agreement means CMBCI will help to develop the wealth management business of CARRET Private, and to work on a mutually beneficial core product offering to ultra-high net worth investors, a statement from CARRET said yesterday.

As reported here in early July, CARRET Private Investments (Asia) merged its Hong Kong private wealth business with QL Asset Management. At the time of that story, a spokesperson told this publication that the combined entity intends to reach $1 billion of assets under management by the end of this year.

China Minsheng Banking Corp, which is dual-listed in Hong Kong and Singapore, is based out of mainland China; with its subsidiaries it mainly provides corporate and personal banking, treasury business, finance leasing, asset management and other financial services. In the case of CARRET Asset Management, or CAM, it was founded in 1963 by Philip Carret, a Wall Street luminary.