Quilvest Wealth Management has set up a Singapore business through CBP Quilvest Singapore.

The new entity  is a result of an early May 2011 merger between private banking firm Compagnie de Banque Privee of Luxembourg and financial services firm Quilvest. The new wealth management unit will be operated through the merged company's Singapore subsidiaries: CBP Trust and CBP Wealth Advisory.

"The final step in the merger has been completed and we are now happy to take up the challenges of the private banking of tomorrow," said March Hoffman, the chief executive of Quilvest Wealth Management, in a statement. "We are looking at Asia to offer our clients the Asian option in terms of investment opportunities and wealth structuring."

The new Quilvest Wealth Management banking group has $13 billion in assets under management and custody.