Despite challenging market conditions, independent Chinese wealth manager Hywin Holdings posted a record high in active clients for the fiscal year of 2022 driven by demand for alternatives.
Hywin Holdings registered a net income of 235.9 million yuan ($36.5 million) for the full year of fiscal 2022 ended June 30 this year, according to a statement, up 13.6 percent year-on-year.
Net revenues grew 5.9 percent to 1.94 billion yuan while the aggregate transaction value of wealth management products distributed by the firm increased 1.3 percent to 79.8 billion yuan.
Active Clients: Record High
In addition to a 10.8 percent increase in the total number of clients to over 141,000, the Chinese wealth manager also posted a record high in active clients with more than 43,000, up 15.1 percent while the repeat investment rate from existing clients remained at 80.8 percent.
Activity was particularly high in alternatives with the transaction value of venture capital and private equity funds growing 111.8 percent while hedge fund transition value grew 98 percent.
Health Management
Moving forward, Hywin will also expand its strategic focus to include health management following the acquisition of Beijing iLife3 Technology in August and Grand Doctor Medical in January.
«As we head into fiscal year 2023, we will continue to extend our competitive advantage in wealth management by deepening engagement with clients to enhance repeat investment, while striving to integrate wealth and health into one holistic proposition to further unlock client value and commercial value from our dual proposition serving clients across market cycles and life cycles,» said Hywin chief executive Wang Dian.
