Noah Holdings hosted its 2024 Corporate Open Day in Hong Kong, outlining strategic initiatives focused on global expansion, innovation, and competitive global investment product offerings. The event highlighted the company's commitment to meeting the evolving wealth management needs of global Mandarin-speaking clients. This strategic focus is reflected in the launch of new international brands: ARK Private Wealth, Olive Asset Management, and Glory Family Heritage.
The company reaffirmed its commitment to expanding its global footprint, establishing booking centers for ARK Private Wealth in Hong Kong, Singapore, and with plans for the U.S. in the near future. An office in Japan was recently opened, and pilot programs were initiated in Canada and Southeast Asia to serve underserved Mandarin-speaking communities. This expansion aims to capitalize on significant unmet demand for international wealth management services.
Financial performance from overseas operations demonstrated the early success of this strategy, with overseas net income reaching RMB 376.9 million (approximately USD 53.7 million) in Q3 2024. This represented a 28.9% year-on-year increase and accounted for over 55.1% of total revenue. Olive Asset Management, Noah's subsidiary, reported overseas AUM of USD 5.63 billion by the end of Q3 2024, a 16.0% year-on-year increase.
Noah also showcased its comprehensive service matrix, including Glory Family Heritage's digital insurance platform, which was the first to offer digital insurance applications and premium payments in Hong Kong. The company emphasized its unique competitive advantage in alternative assets and expanded product offerings in cash management, structured products, hedge funds, private credit, and infrastructure. These efforts are designed to create meaningful value for clients and improve financial performance.
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