Separately, Asia-based CSOP Asset Management has sold its multi-family office business to Carret Private, the latter firm confirmed to this publication. 

Carret Private operates through its wholly owned Hong Kong-based subsidiary Carret Private Capital. The cooperation with Lumen extends to several areas, such as portfolio management, research, business development as well as operational optimization, Carret said in a recent statement. 

“It is expected that the merger between the two firms will give rise to new business and investment opportunities in the near future,” Carret said.

For the moment, the organisations will operate in their markets under the current brands.

“North Asian clients are increasingly looking for investment and custodial solutions in Southeast Asia. We believe that given its strategic positioning in Singapore, LCI is perfectly situated to enhance Carret Private’s overall value proposition. Additionally, Carret Private and LCI have a complimentary range of investment solutions,” Carret Private managing partner Kenny Ho said.

Among recent merger and acquisition deals affecting multi-family offices, UK-listed Schroders, which operates in regions including Asia, has acquired Sandaire, an MFO which operates in Europe and Asia, among other parts of the world.