Beijing-based CreditEase Wealth Management is establishing an overseas wealth management department, which will provide wealth management services to high-net-worth Chinese abroad.
Chinese HNWI and entrepreneurs are showing increased interest in US dollar private equity and venture capital funds to diversify their assets, but are running up against currency controls that make it difficult for them to get their money where they want it.
The main issue is that many top private equity funds require initial investments in the millions of US dollars, while in China, yuan conversion into foreign currencies is restricted to $50,000 equivalent per person per year.
The firm provides a range of overseas living services, such as overseas study tours, overseas education consultations, investment and immigration, overseas property, tax planning, legal service referral, insurance, family trusts and high-end institutional internships.
“As China’s wealth management market has matured over the past few years, we have ushered in an era of wealth management in China with asset allocation at its core,” said Tang Ning, CreditEase founder and chief executive.
Running the overseas wealth management department is Zhao Ruobing, senior vice president of CreditEase Wealth Management.
Currently, the firm manages over $100bn yuan in assets for hundreds of thousands of HNWI clients in China.
In 2013, the firm established its first office for overseas business in Hong Kong, China. It established the Singapore branch in 2014, the Israel branch in 2015, the New York office in 2016, and the Silicon Valley branch in San Francisco in 2017.
In 2018, CreditEase Wealth Management expanded the European market and branches.