Wealth management firms are expanding operations aggressively in Hong Kong to meet pent-up demand from rich Chinese individuals looking to invest more money overseas after three years of COVID-19 curbs, industry sources said.
High- and ultra-high net worth families in China are seeking to diversify their investments as they are finally able to travel and as they chase alternatives to a depressed property market at home.
"Reopening means robust growth in our international business. Client inquiries for offshore investment increased 155% in the first quarter year on year," Oscar Liu, CEO of the wealth management department at Noah International told Reuters., the largest independent wealth management firm in China, was among five private banks and wealth management firms Reuters talked to that said they held client events in the city and organised private art tours.
The wealth manager's expansion plan is apart from other middle and back office staffing. Liu said overseas business was expected to make up over 30% of Noah Holding's total assets under management in 2023, up from 20% currently., another Chinese wealth manager, invited 30 ultra-high-net worth clients to workshops, fund manager visits and even a yacht party in Hong Kong last week.
The firm intends to recruit up to 10 private bankers in 2023 and add staff in supporting roles, Xiao said.Dong, an investment banker in Shenzhen, plans to come to Hong Kong in the next few months to open a bank account and buy insurance products.
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