Founder and CEO of major Chinese wealth manager CreditEase, Tang Ning, names the five major changes expected to cause seismic shifts in China’s wealth management industry.
During the recent World Economic Forum’s «Annual Meeting of the New Champions» also known as «Summer Davos», Tang spoke at a meeting joined by more than 1,800 leaders in business, government, and academia from 120 countries.
According to Tang Ning, founder and CEO of China's wealth manager CreditEase, the five major changes include: a shift from fixed income investing to equities; from domestic markets to global markets; from short-term speculation to long-term investments; from single product and single opportunities to asset portfolios; and from first generation wealth creation to succession by second generation entrepreneurs.
Two «Main Battlefields»
Tang also named the two major segments that CreditEase would be targeting for, calling them «main battlefields» for wealth managers.
Firstly, is the high net worth and ultra-high net worth segment, which requires high touch, personalized services to meet wealth management and planning needs.
Secondly, is the affluent segment which Tang calls the firm’s next goal. Success in this market will require «international competence, investment competence and S&T (science and technology) competence», he said.
