Noah Holdings Ramps Up Hiring in Hong Kong and Singapore While Consolidating Mainland China Operations and Eyeing Dubai Expansion

Apr 25, 2024 Hubbis

Shanghai-based wealth management firm Noah Holdings is actively recruiting new relationship managers in Hong Kong and Singapore, aiming to boost its staff in these regions from 100 to between 150 and 200, as reported by Bloomberg.

This expansion reflects a distribution of about 70 percent of the roles in Hong Kong and 30 percent in Singapore.

On the domestic front, Noah has scaled back its operations in mainland China, reducing its presence from 44 cities to 25, primarily by closing branches in smaller cities to concentrate on larger urban areas. This shift has led to a 7.6 percent decrease in the number of domestic relationship managers, totaling 1,163 at the end of 2023.

The company's Chief Financial Officer, Pan Qing, noted a strategic pivot, influenced by client families relocating to first-tier cities for better educational opportunities.

Additionally, Noah, which manages approximately 150 billion yuan ($20.7 billion) in assets, is considering expanding into Dubai after assessing the need for appropriate licenses and ensuring there is sustained client demand for services in the region.