Chinese wealth manager Noah Holdings opened its first office in Australia. The move comes following an increase in demand for the allocation of assets overseas.
Noah Holdings launched its first Australian office in Melbourne, according to a report from «Australian Financial Review» (paywall). The wealth manager, which is listed in the U.S., appointed Grace Tsui as head of the new business. Tsui is former relationship director Westpac Asian.
Noah Holding plans to invest as much as $2 billion in Australian private equity deals in the next four years. The firm focuses on high-net-worth investors in China’s second and third-tier cities. It launched its first overseas branch in Hong Kong in 2012.
Speaking at the opening, Noah President Kenny Lam said capital transfer curbs by the Chinese government did not significantly affect Noah's clients because a lot of their funds had already been deposited outside China.
