Carret Private Announces Investment by CMBCI (China Minsheng Bank) Into Its Asian Private Wealth Management Business

CARRET Private Investments (Asia) Limited ("CARRET Private" or "the Company"), an affiliate of CARRET Asset Management, LLC ("Carret" or "CAM"), a leading multi-billion dollar investment manager based in New York, is pleased to announce an investment by CMBC International Holdings Limited ("CMBCI") into the Asian private wealth management business of Carret Private.

Pursuant to the investment, CARRET Private will foster a strong strategic cooperation with CMBCI 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.

Kenneth Ho, Managing Partner and one of the founders of the Company said, "We are extremely excited to enter into a strategic relationship with CMBCI. CARRET has more than 50 years of history in creating long-term value for its high net worth clients, and we believe, that together with CMBCI, we can form a partnership to develop high end wealth management for Chinese clientele."                                             

CMBCI is a wholly-owned subsidiary of China Minsheng Banking Corp., Ltd., the shares of which are listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. China Minsheng Banking Corp., Ltd. is a commercial bank established in the People's Republic of China and together with its subsidiaries mainly provides corporate and personal banking, treasury business, finance leasing, asset management and other financial services in the People's Republic of China.

CARRET Private is a multi-family office business and an affiliate of CAM. CAM was founded in 1963 by Mr. Philip L. Carret, seeking to provide personalized investment services. Philip Carret is a Wall Street icon and investment legend who pioneered the concept of value investing, who founded one of the world's first mutual funds, the Pioneer Fund, which he managed with great success for more than half a century.

About CARRET Private Investments (Asia) Limited

CARRET Private is a multi-family office asset manager focused on wealth management, principal investments and corporate advisory. The Company is an affiliate of CARRET Holdings Inc. ("the Company"), the parent of CARRET Asset Management, LLC ("CAM"), a leading multi-billion dollar investment manager based in New York and Quadrant Management, Inc., a principal investment management firm. For over 30 years, Quadrant has been managing investments for companies around the world and developed a successful track record of creating long-term value. Quadrant and its affiliates have offices in the U.S., Eastern Europe, China, Africa, India and South America.

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This press release is distributed by MP Finance on behalf of CARRET Private Investments (Asia) Limited.