The first point of call for many of China’s high net worth individuals appears to be Noah Holdings, whose co-founder, chairwoman and CEO is Jingbo Wang.
The numbers tell the story. Noah’s total number of registered clients grew 14.2%, year on year, to 411,981 individuals in 2021. More than 51,000 new accounts were opened by the end of 2021. More than 1,500 of Noah’s clients have assets of between Rmb50 million ($7.9 million) and Rmb500 million, while more than 6,500 have assets exceeding Rmb500 million.
Noah has an active client base of nearly 42,800 clients, up 25% year on year. Total assets under management, including at subsidiary Gopher Asset Management Co, rose 2.1%, year on year, in 2021 to Rmb156 billion. The total aggregate value of investment products distributed in 2021 across mutual funds, private secondary products, private equity and others, was Rmb97.2 billion, up 2.6% from 2020.
Why do HNW clients go to Noah, a New York-listed Chinese wealth management service provider that was set up in 2005 and which has expanded rapidly? The success of the asset allocation strategy deployed by Noah’s wealth managers may be one good reason.
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