International multi-family office McFaddens & Co has entered into a joint venture with China International Industry & Commerce (CIIC) Group to launch a multi-family office network in both mainland China and Hong Kong.
This comes as International Adviser published its latest Asia Pacific regional piece on whether China is the place for wealth managers.
Through the joint venture, McFaddens and CIIC Group will establish a multi-family office network as well as fund management and advisory services to “address the significant opportunity of the rapidly growing family office sector in China”, the firms said in a statement.
Founded in 1988, Beijing-based CIIC Group is a privately-owned multinational enterprise group operating in the fields of finance, technology and real estate, with business in more than 30 countries and regions including the United States, Russia, Europe and Africa.
Max Eppel, chief executive of McFaddens, said: “CIIC Group is a trusted and established name in China, which is perfectly placed to support us in delivering our full suite of services. With its commitment to the development of co-operative partnerships with leading international businesses, which enable them to support key national projects and the private economy, CIIC Group has an impressive track record and a philosophy which is closely aligned to our own.”
This also comes several months after the establishment of the McFaddens & Co UAE operation.
