Centrum Capital, the Mumbai-based broking firm, has partnered with Hong Kong's Commonwealth Finance Corporation to set up a new wealth management business in Hong Kong, media reports show.

Under the terms of the agreement, Commonwealth, as an entity registered and licensed by the Hong Kong Monetary Authority and the Hong Kong Securities Futures Commission, will provide financial planning solutions to affluent investors and companies from Southeast Asian nations and the UK. The target market would be investors looking for exposure to Indian assets, both in rupee and US dollar terms.

Centrum Capital was previously affiliated with a wealth management business, but lost it following its split with Future Capital, which kept the unit. The two firms decided to end their three-year wealth management and forex advisory venture in March 2011 in favour of operating independently. Centrum bought out the forex part of the partnership.