U.S. listed Chinese wealth manager Noah Holdings has obtained a licence to offer trusts to wealthy Chinese in the British offshore financial centre of Jersey.
This move is reflecting increased Chinese demand to allocate assets overseas, according to a report by news agency «Reuters» on Wednesday. Noah Holdings said it was the first Chinese wealth management company that had a licence from an offshore jurisdiction to carry out trust business.
Jersey, one of Britain's Channel Islands, is a well-known trust services centre and a gateway to investments in Britain.
Strict Capital Control Regime
A weakening yuan is increasingly pushing many wealthy Chinese to try and move their investments abroad in spite of the country's strict capital control regime. «We have talked to our clients who said global asset allocation was a must for them and the most important reason was that they hoped to diversify risks,» Kenny Lam, group president at Noah Holdings, said to «Reuters».
