Noah, one of only two mainland wealth managers listed on the NYSE, offers global wealth investment and asset allocation services for high net worth individuals and enterprises in China.
The firm expects to expand offshore buisness and said the pact will enable it to tap UBP’s research database and approved fund manager lists, multi-manager and hedge fund advisory teams and investment specialists.
The volume of global product sales through Noah’s Hong Kong subsidiary increased by 262% quarter-on-quarter in the first quarter of 2015, the firm said.
“UBP has deep expertise in sought-after fields such as hedge fund selection. Its strong private banking heritage and asset management proficiency ensure that its investment solutions are geared towards high net worth individuals’ needs,” said Jingbo Wang, Noah’s chairman and chief executive.
Noah was set up in 2005 and distributes diversified range of wealth management products, which includes fixed income products, mutual funds, private equity funds and insurance products.
Nicolas Faller, co-CEO of UBP Asset Management said China is a key market for the firm.
In March, UBP inked an agreement to acquire the private banking and wealth management business of Royal Bank of Scotland, currently branded as Coutts. This includes RBS’ business managed from Switzerland, Monaco, the Middle East, Singapore and Hong Kong.
The acquisition represents a major step for the bank to broaden its wealth management activities and global reach, UBP said at the time.