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Ten years ago, when Wang Jingbo talked to her former boss about buying out the private banking department at the brokerage firm where she was working, she never thought the venture would become a trail blazer in China’s wealth management industry.
诺亚控股有限公司, or Noah, began modestly in 2005 as China’s first independent wealth management company. Wang and three other founding members launched the firm with just RMB 3 million in capital. They worked out of a small office in Shanghai furnished with second-hand furniture purchased from an online market.
At the end of 2014, Noah Wealth Management employed 779 relationship managers in 94 offices, covering 63 cities in China. This makes Noah one of the largest and fastest-growing wealth management service providers in China, catering to the country’s swelling ranks of high net worth individuals (HNWIs)—a group now estimated to number more than 2 million with investible assets of at least US$1 million. Many of these HNWIs are Chinese entrepreneurs with flourishing businesses that are beginning to expand globally. Noah is globalizing its own services to keep in step with the needs of these clients.
“Back when we started the company, we sensed a growing need for services to help take care of people’s wealth, as nearly 30 years of rapid economic growth had lifted millions of out of poverty and created a sizeable class of people with substantial wealth,” Founder, Chairman and CEO Wang said in a recent interview with Institutional Investor.
“考虑到这一点，我们认为诺亚可能是提供这样的服务的先驱，即使我们没有称之为财富管理服务。王说，财富管理仍然是中国大陆在中国大陆的外国概念。““我们希望通过中国财富管理的先驱来区分自己，专注于为客户提供真正的财富管理咨询，为客户选择合适的产品和服务。”The name “Noah” was derived from the Biblical story of Noah’s Ark—meaning it will help its clients navigate stormy investment seas to find safety for their assets, says Wang, a devout Christian, “For our clients, this must be a secure haven.”
In its early days, Noah was mainly a distributor of financial products targeting its HNWI clients, operating as an independent third-party platform selling wealth management products developed by other institutions for a commission fee. But today Noah provides a wide range of its own investment products and services to more than 70,000 clients in mainland China as well as 1,300 clients overseas through its new operations in Hong Kong. According to CEO Wang, this makes Noah a leader in the industry in terms of market share as well as client retention and loyalty. The wealth management products Noah offers include private equity investments, overseas assets, fixed income, high-end insurance, mutual funds, short-term financing and public equity. Noah had distributed products with an aggregate value of RMB 180 billion, or approximately US$29 billion as of the end of 2014. Gopher Asset Management, a Noah subsidiary, had US$8.1 billion under management by the end of 2014 in funds involving real estate, private equity, hedge funds, credit funds and family office services.
诺亚的快速增长使其成为纽约证券交易所上市的第一家唯一中国财富经理。
“上市加速了我们的航程，对我来说是我在中国的私人银行业务的真正开始，”诺亚集团总裁Kenny Lam说。牛津和沃顿教育的林是麦肯锡和公司的前全球合作伙伴。在加入诺亚之前，他是麦肯锡亚洲私人和财富管理实践的负责人。
But the voyage has included challenges. Early on, Noah encountered setbacks when it tried to convert the clients of securities brokerage firms into clients of its wealth management business, forcing the company to rethink its strategy for targeting clients, says Wang.
Noah then identified entrepreneurs of China’s booming small- and medium-sized manufacturing companies as its core client group. These are people whose businesses were showing strong growth, Wang says. Noah started working with local industry associations and chambers of commerce to reach entrepreneurs and executives around the country.
该策略工作，公司迅速增长，直到王某和她的管理团队很快实现了诺亚需要更多的资本。
2007年，私募股权房屋Sequoia Capital投资于诺亚。由于尹哲也有助于培养诺亚的扩张，据Gopher Asset Management的首席执行官。
诺亚快速增长
Thanks to the Sequoia investment and the continued rapid Chinese economic growth—and Noah’s well-established brand in the market as an industry pioneer—the company since has been on a fast growth track that includes global expansion.
Noah is well-positioned to continue solid growth and embrace better, sustainable development in the next 10 years as it builds on its strengths in wealth management, asset management and its newly launched Internet finance business.
“We expect that the demand for wealth management services for HNWIs, institutional investors, family offices and white-collar professionals will only grow stronger in China over the next 5 to 10 years,” Wang says.
根据2014年第三季度中信证券发布的一份研究报告，中国有238万高的净资产金融资产370万美元。预计将为诺亚未来增长的这种大宇宙和中国不断变化的社会动态的大宇宙。
王说，为推出中国的创新而闻名于行业的创新，如推动中国的第一个私募股权基金，旨在加强财富管理和资产管理服务，并加速其互联网金融投资组合。据集团总裁林总统统计，财富管理和资产管理是诺亚业务的两大支柱。
“我们现在有不少规定在50美元左右million each under discretionary management. We think this is the way to go in terms of private banking. Real private banking has a good proportion that is discretionary mandates, and that’s what we’re moving toward. It plays to our strength in client relationship and asset management,” says Lam.
对于财富管理业务，诺亚建立了其经销网络，涵盖了中国的大部分主要第一和第二层城市。截至2014年底，诺亚在中国63个城市中有94个分支/分支机构办事处。每个分支机构/子分支机构都可以提供诺亚全方位的服务 - 从投资到教育服务到保险。这有助于诺亚深入渗透到中国的当地市场，并与其目标客户企业家建立重要的关系。
除了改进和改进其产品选择过程和风险控制外，诺亚还扩大了其产品和服务提供。“我们首先关注替代投资。我们现在已经多样化为二级市场，酌情服务，教育，保险和信托服务等。我们与客户的长期关系使我们能够建立一个全面的平台，但非常针对服务高净值客户的需求，“林说。
虽然客户的客户数量和管理层的资产规模继续增加，但Noah Caps每个级别的关系管理人员都可以用于确保更好的服务质量的客户的数量。随着中国互联网的普及日益普及，传统的销售渠道和商业模式正在发生深刻的变化。
诺亚还推出了一个新的诺亚移动申请，定位为诺亚高净资产客户的在线社区。该应用程序为诺亚的客户提供了一种高效，方便的方式，直接与关系经理，产品团队甚至与诺亚的管理沟通。
The Noah app provides roadshows and product information to its clients. At the same time, relationship managers can serve their clients more efficiently.
诺亚的财富管理部门还开始进行教育计划，以便客户可以了解更多的复杂财富管理概念，如家庭办公室实践。Lam说，这些教育撤退包括家庭成员 - 帮助诺亚与客户建立个人关系。
Under this program, hundreds of Chinese families have been brought to Wharton, Stanford and Yale where they spent three to four weeks going through tailored programs on family offices, business innovation and private equity investments, all taught by these renowned universities’ faculty, Lam says.
The Other Pillar: Asset Management
诺亚其他业务支柱，其资产管理业务是一家专门从事私募股权，房地产和对冲基金资金资金的多精品资产管理公司。
“诺亚一直遵循一个非常严格的投资指南和一项集中的策略。我们并希望继续成为我们所在的每个资产类别的领导者，“诺亚联合创始人阴哲说。“我们的专业投资团队具有深刻，有针对性的行业知识和经验。项目运营专业知识是我们行业殴打绩效的公式的一部分。“
One of the real estate guidelines, for example, stipulates that the firm focuses only on working with the top 100 developers in the country by sales, Yin says. Gopher Real Estate Fund Series I, a residential property fund focused on Chengdu, the capital city of Sichuan province, achieved a 29 percent internal rate of return when it exited in the first half of 2014.
Gopher Real Estate基金第II系列专注于福建省的另一个住宅物业基金，在2014年上半年退出时，较高的78％的内部回报率。
尹说，地铁资产管理层还在战略上增加了办公楼，零售商业空间和海外物业的财产投资组合。
小田鼠also has set up a dedicated unit called Gopher Nord to serve institutional clients. This business has grown tremendously since its inception in 2013, according to Yin.
2014年第三季度，Gopher Nord从其机构客户提高了30.2亿元的资金，占所提出的总资本的17％。
尹说，目标客户是保险公司，银行，上市公司和企业的金融部门。“随着我们建立团队和客户，随着我们的产品成熟，我们希望看到这一业务中的声音增长。”
Expanding Beyond China
Noah set up its Hong Kong unit, Noah HK, in 2012 as its first step outside of mainland China. The Hong Kong operation already has more than 1,300 clients as of the end of 2014, according to Shang Chuang, General Manager of Noah’s Hong Kong operation. “We probably have just scratched the surface in terms of helping our existing clients to invest abroad, and we are already experiencing increasing momentum,” says Shang. Overseas capacity-building will be another major push over the next few years as Noah builds itself into a private bank of choice for Chinese globally, Group President Lam says.
As many of China’s HNWIs from domestic-focused investment strategies to global asset allocation, Noah also is beefing up its overseas capacities to cater to this trend. Noah continues to launch more USD investment products through its Hong Kong office and has successfully completed fund-raising for funds of funds in the hedge fund, credit fund and private equity categories. USD products accounted for about 5 percent of total transaction value in the first nine months of 2014. The company plans to offer clients global asset allocation solutions by further diversifying its offshore products, and by partnering with leading asset management companies globally.
诺亚正在积极为香港和台湾提供服务，很快将在中国社区提供国家和地区，如澳大利亚，加拿大和美国。
“What we want to be is the private bank of choice for Chinese globally,” says Lam.
“Building our asset management business is the strategic direction of Noah,” says Chang, Noah’s Executive Director and also the firm’s Chief Marketing Officer. Prior to Noah, Chang was China CEO of ABN AMRO Asset Management. “The year 2014 will be remembered as the beginning of China’s coming golden asset management era,” she says. “Noah, as a well-established brand, is set to benefit from this expected explosive growth.”
白领移动私人银行
Apart from its current two business pillars of wealth management and asset management, Noah will embrace Internet finance, according to Lam. “We’ve grown tremendously in the last three years. This year and next is a bit of a ‘let’s make sure we build a sustainable platform’ time, and also ‘let’s invest in a few things that we think will be the next wave’. So that leads us to Internet finance in addition to an overseas push.”
In June 2014, Noah introduced YuanGongBao (literally meaning “Employees’ Treasure”), an app-based wealth management platform that targets white-collar employees of fast-growing companies in China. YuanGongBao provides them with a wide range of private banking-type services and products. Many of the owners of these companies are themselves Noah’s high net worth clients.
基于新的应用程序的私人银行平台已被证明是非常受欢迎的。根据六个月发布后，根据LAM，它在产品和服务中交易了超过2.2亿美元的产品和服务。自推出以来，它一直在添加新产品，包括保险和贷款。中国的互联网金融市场仍处于起步性，将成为一个大规模的“蓝海”市场，这可能成为王首席执行官诺亚的新增长点。“我们对我们的互联网金融业务有一个独特的主张 - 这是为了允许年轻的专业人士和白领享受以前只能在HNWIS获得的优质金融产品和服务，”她说。“他们现在可能没有资格成为HNWI客户，但他们很年轻，有抱负，有明亮的职业前景，因此将来有巨大的潜力。我们希望和他们一起成长。“
使用Internet服务平台，并随着资产管理能力的增长，客户的类型诺亚服务于高净值得扩展，包括高净资产家庭，白领专业人士和机构和企业客户。
“We talked a lot about wealth management in China and how it has been growing rapidly. But we are just getting started,” Lam says. “Whatever the economic cycles, we believe the wealth of Chinese people will continue to accumulate and the need for proper wealth management will only continue to rise. The market needs an institution that focuses not only on product push but on real product screening, discretionary management and asset management capabilities. Noah is exactly such an institution,” says Lam. Noah believes that in the next five to ten years, wealth management demand from white-collar professionals, high net worth individuals, families and institutional clients will enjoy tremendous growth potential. Noah will continue to benefit from its end-to-end and asset-light business model and established comprehensive service platform. Noah’s highly selective asset management strategy, with its core capabilities for finding high quality assets and managing risk, will continue to boost the company’s market share and profitability.
Contact Information
Investor Relations
Noah Holdings Ltd (NYSE: NOAH)
Address No. 32 Qinghuangdao. Rd.
Building C, Shanghai 200082, China
电子邮件：ir@noahwm.com