McFaddens & Co has signed a joint venture agreement with China International Industry & Commerce Co. (CIIC Group) to launch a multi-family office network in both mainland China and Hong Kong.

As part of the agreement, the companies will set up a multi-family office network as well as fund management and advisory services to tap the rapidly evolving family office sector in China.

CIIC Group chairman of the board Wang Tianyi said: “McFaddens’ vision and ethos are closely aligned with those of CIIC Group, and I am confident that our joint venture will be ideally positioned to address the aspirations of existing and future clients, seeking to ensure that their assets are optimised to deliver benefits to a broad range of stakeholders.”

Established in 1988, Beijing-based CIIC Group is a multinational enterprise group focused on finance, technology, and real estate fields.

The firm has footprint in over 30 countries and regions including the US, Russia, Europe, and Africa with assets in the region of $15bn.

McFaddens CEO Max Eppel 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.

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“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.”

In May this year, McFaddens & Co expanded its global footprint by launching its multi-family office operations in UAE.