Deyu Family Office was one of the first multi-family offices in China: it was founded in 2015 by veteran banker Zhang Yong, who had previously helped to establish China Minsheng Bank’s top-notch private banking division.
In the past eight years, Deyu has made a name for itself in China’s private wealth circles. It wins two of Asiamoney’s 2023 awards – best boutique wealth manager and best for family office services.
First, the numbers. Despite a tough year in 2022 for China’s wealth management industry, Deyu reported a 30% increase in revenues, year on year, and a rise of more than 20% in profits.
Its client base proved especially loyal; Deyu recorded a 100% annual renewal rate, with some clients even signing up for a life-long contract, demonstrating their trust in the firm.
Deyu, led by chairman Zhang, now has a client base of over 40 families with assets exceeding Rmb2 billion ($288 million) apiece, as well as 200 or so ultra high net worth individuals, each with assets of more than Rmb100 million.
The family clients include four of China’s richest men at the provincial level, and three of the wealthiest men at the prefecture level.