China’s Noah Holdings has announced a new strategic cooperation with Union Bancaire Privée, UBP SA, one of Europe’s largest private banks and asset managers.
The cooperation agreement will enable Noah to grow its global capabilities in research and product designing and UBP to increase its reach on the Chinese wealth management market.
Noah said it has seen the global needs of its clients growing at an unprecedented rate. Global product sales volume and global asset allocation, conducted through Noah’s Hong Kong subsidiary, has increased by 262% quarter-on-quarter and 760% year on year in the first quarter of 2015.
Noah Hong Kong’s first quarter volume has already exceeded the entire year of 2014. In light of such explosive growth, Noah is taking steps to rapidly build its capabilities.
UBP is one of the world’s best capitalized banks and one of Europe’s largest pure-player wealth and asset managers, with asset under management close to $100bn (€91.4bn). It has developed a strong asset management business, offering top-quality products in both the alternative and long-only segments.
As Nicolas Faller, co-CEO of UBP Asset Management highlighted “We trust we have the right investment solutions for Chinese high-net-worth individuals.
Noah is the most successful wealth manager in China – a key market for us – with assets under management that are growing exponentially, and we are very happy to combine our strengths in order to provide their private clients with high-quality products”.
The collaboration between the two entities is one of many core initiatives Noah is taking to accelerate the build-up of its global capabilities. It will enable Noah to access UBP’s research databases and approved fund managers lists, the Bank’s multi-manager and hedge fund advisory teams, as well as its investment specialists.
As Wang Jing-Bo, Noah’s co-founder, chairman, and CEO remarked: “This strategic cooperation is one of a few core steps we are taking to ensure we have the best global wealth management platform in China. UBP has strong expertise in sought-after fields such as hedge fund selection. The association of their private banking heritage and asset management proficiency warrants that their investment solutions are geared towards high-net-worth individuals’ needs.”
Kenny Lam, Noah’s Group President, added: “We look forward to this collaboration as another important milestone in the ongoing development of our global capabilities that allows us to better serve the needs of our customers. We are continuing to implement our corporate vision so that we remain the best global China-based wealth manager.”