Shanghai-based wealth manager Noah Holdings has launched a hiring spree in Hong Kong and Singapore.
Noah Holdings is seeking to grow its number of relationship managers in Hong Kong and Singapore, according to a «Bloomberg» report citing chief financial officer Pan Qing. The Shanghai-based wealth manager aims to increase the count to between 150 and 200.
It currently has 100 relationship managers in the offshore hubs with 70 percent in Hong Kong and 30 percent in Singapore. The hires will likely follow the same split.
Mainland Consolidation
Meanwhile, Noah has also reduced its onshore presence in mainland China from around 44 cities to 25 with a focus on shutting branches in third and fourth-tier cities to focus on bigger cities. As of end-2023, the number of domestic relationship managers decreased by 7.6 percent year-on-year to 1,163, according to a transcript of the most recent earnings call.
«I think the strategy has shifted a little bit from the past. Our clients moved their family to first-tier cities because of education,» said Pan in an interview.
Dubai Interest
In addition, Noah, which currently has about 150 billion yuan ($20.7 billion) in assets under management, is also exploring licenses needed to set up in Dubai due to client interest, though it is wary of costs.
«It’s definitely one of the destinations we’re keeping a very close eye on,» Pan said, adding that the firm wants to ensure demand is «sustainable».
