The firm becomes an MFO after having taken on a second major client.

Kamet Capital Partners has confirmed that it is now a multi-family office by virtue of signing on a second major client in 2018.

A media report, later confirmed to WealthBriefingAsia, said that the firm started to oversee the wealth of a Chinese entrepreneur in the second quarter of 2018. The entrepreneur, who was not identified, sold the business for over $1 billion.

Kamet now oversees S$250 million ($181.8 million) of client money which, as noted, is the maximum amount allowable to keep a registered fund management permit in Singapore. As a result of the development, Kamet is converting this permit to a capital markets services licence, although it also means having to meet more onerous regulatory requirements.

Among other developments, Kamet Capital Partners added a former deputy chief investment officer at Allianz Investment Management in the person of Kian Ek Quek. 

The chief executive and chief investment officer is Kerry Goh.

The creation of such a business is part of a trend of bankers breaking away to create independent investment businesses along different lines. Players in this area include Thirdrock, Abacus Capital, Swiss-Asia Financial Services, Taurus Family Office, Covenant, and Crossinvest.