Globalization, multi-currency diversification, and diversified asset allocation are driving investors to rebalance their wealth management strategies. By 2023, Hong Kong will surpass Switzerland as the largest cross-border wealth management center globally, with assets under management (AUM) valued at around US$4.6 trillion.
To simplify customers’ asset allocation demands, NOAH Wealth utilized Hong Kong as a basis to lay out the worldwide market as a “first mover” in the development of wealth management businesses in Hong Kong, China, as early as 2012. NOAH’s foreign company has grown significantly in tandem with the evident increase in demand for global allocation. In the first quarter of 2023, NOAH’s foreign product AUM increased by 2.8% to 33.46 billion yuan, and its abroad operation generated 320 million yuan in net income, up 13.0% sequentially and 68.4% annually. International active consumers increased by 35.3%, while NOAH’s international membership increased by 13.2%.
Since its founding, NOAH Wealth has complied with the strict guidelines of compliance, making it the first wealth management firm in China to be listed on both the Hong Kong and American stock exchanges. As a professional, NOAH has been and will continue to explore more resilient investment solutions around customers’ needs and assist clients in protecting their capital to achieve growth. On July 12, in honor of both the company’s 11th anniversary in Hong Kong and the first anniversary of its listing on the Hong Kong stock exchange, NOAH hosted its first-ever open day for the media ecosystem in Hong Kong. During the event, NOAH shared its perspectives on the company’s service model, investment research and development, and the global investment trend for the second half of 2023.
Mr. Pan Qing (Grant Pan), the Chief Financial Officer of NOAH Holdings and the CEO of NOAH Hong Kong, Mr. Cai Qingfu (Alvin C. Chua), the CIO of NOAH International, Mr. Liu Yan (Oscar Liu), the CEO of NOAH International Financial Management, and Ms. Luan Yi, the Head of Human Resources of NOAH International, discussed their perspectives on the growth of NOAH Hong Kong and the global investment outlook during the open day.
NOAH’s International Wealth Management CEO, Oscar Liu, highlighted Hong Kong’s significant role in the company’s international development. As a leading financial center, Hong Kong connects domestic and global capital markets. This year marks the 20th anniversary of NOAH’s brand and 11th year of international expansion. As the only independent wealth management firm in China to achieve dual listing in Hong Kong and the US, NOAH plans to leverage Hong Kong’s unique characteristics for better client service.
The international talent map for NOAH International’s company was then given by Ms. Luan Yi, Head of Human Resources at NOAH International. She stated that NOAH Hong Kong, the headquarters of NOAH International, has always placed a high value on the development of talent echelons and systematic growth since these are essential to the stability and expansion of NOAH’s global business. To develop and build a corporate culture that is conducive to the development of overseas talent, NOAH intends to take advantage of Hong Kong’s talent resources and its appeal to international talent in the future. This will be a key factor in the business’s growth.
The CIO of NOAH International, Mr. Alvin C. Chua, gave his opinions on the second half of the year’s global market trend. With overall global inflationary pressures waning, central banks ending their interest rate hikes, and supply chain disruptions in the food and energy sectors progressively reverting to normal, Alvin sees 2023 as a year full of opportunity. The world is concentrating on all of this, but AI is also presenting a huge potential, and the high-tech industry will probably need a lot of chip semiconductors in the future.
The Chief Financial Officer of NOAH Holdings and the CEO of NOAH Hong Kong, Mr. Grant Pan, gave an overview of the company’s overall business progress and stated that NOAH will continue to follow the “customer-centric” business strategy to establish a wealth management firm with a century-long history.
In light of the upcoming global tour concert by the NOAH Philharmonic Orchestra, a special roundtable sharing session with a musical theme was organized after the event. Internationally recognized violinist Mengla Huang emphasized the professional and artisanal spirit required in both the finance and music industries. The conductor’s function as a “silent participant” in musical performances was highlighted by conductor Liang Zhang.
Regarding how the July 13th concert by NOAH Wealth differs from the previous performances, Prof. Zhou Xiong, National Level Player, Postgraduate Tutor of Shanghai Conservatory of Music, Executive Director of the International Percussion Education Association (IPEA), says that the “next concert” is always the most significant and exciting to be looked forward to. We also hope to use music to connect with more listeners and customers so that more people worldwide can hear NOAH’s voice.
With Hong Kong serving as the foundation, NOAH Wealth‘s progressive globalization strategy is a customer-focused decision that was unavoidable. NOAH adheres to the “customer-centeredness” and common sense standards set by the business. Since the start of this year, NOAH has made significant investments in the customer interface centered on the “customer-centric” approach. Additionally, NOAH has established the “Customer Service Festival” and opened NOAH Wealth Center, its largest offline customer service interface, which is situated in the central hub of Hongqiao, Shanghai. The “Customer Service Festival” offers tailored service solutions that are centered around the main needs of the customer while also continuously improving the customer reach scenarios.
With an eye on the future, NOAH will persist its “client-centric” company philosophy, proactive global strategic vision, and skilled wealth and asset management capabilities. With its headquarters in China and reliance on Hong Kong’s distinct geographic advantages, policy benefits, and talent pool, NOAH will create a wealth management business model exclusive to the “private banking gene,” bringing long-term vigor to the expansion of China’s capital market.
