Chinese wealth firm mulls retail fund business
It has also applied for a mutual fund advisory licence in the country
It has also applied for a mutual fund advisory licence in the country
It will be able to give financial advice to HNW individuals and family offices in the country
China’s new asset and wealth management guidelines will likely trigger a fresh wave of consolidation despite some recent revisions, according to Andrew Xia of Noah Holdings, a private Chinese asset management service provider.
US-listed Noah Holdings is exploring a Singapore wealth management office and has reported a 24% increase in overall profit for the first quarter.
Wealth manager Noah Holdings was fined by Hong Kong’s regulator for failure to comply with several requirements, including know-your-client and due diligence matters.