Hong Kong-based Carret Private has acquired QL Asset Management and plans more deals with both asset and wealth managers and financial technology firms, as it targets a presence in Singapore.
Kenneth Ho has quit the Swiss private bank and is looking to build capacity after starting at Carret AM as managing partner and founder of its Asian multi-family office out of Hong Kong.
Kenneth Ho is moving into a strategic project role at the Swiss private bank, and Luigi Vignola will replace him as Asia head of the investment solutions group.
Private bankers are not expecting commission- or retrocession-free rules in Asia soon. Fee-for-advice is possible within a decade, but firms may need to package it with additional services.
The bank aims to invest mostly in value-driven A-shares. Its fund started trading two weeks ago and has raised $65 million already, with a Europe roadshow on the horizon.
Kenneth Ho explains the product selection process and underlines the importance of new hire Mark Matthews. The firm also grabs a team of Greater China client advisers from UBS.