Noah Holdings has received “portfolio management” (PM) and “exempt market dealer” (EMD) licences in Canada, according to a statement from the firm.
With the new PM licence, which is commonly held by wealth managers in Canada, Noah will be able to provide financial advice to clients in the country, including family offices and high net worth individuals, while the EMD licence allows Noah to advise on private equity opportunities.
FSA sought more information from Noah Holdings, but the firm declined to provide further details.
The firm set up its Vancouver office in early 2018. Around the same time, it also opened an office in Australia and launched its business in Singapore.
The firm runs a wealth management business in the US, where it received the insurance and the registered investment advisor licences in 2017, according to the statement.
“In the upcoming ten years, Noah Holdings will keep close connection with overseas regulators and apply for licenses actively, aiming to bring our ability of investment and asset management to other countries,” said Zhao Yi, president of Noah Holdings, in the statement.
Noah’s AUM outside of the mainland increased 15.6% to RMB 24.7bn ($3.57bn) in March from the first quarter last year, according to the statement.
Noah manages RMB 24.7bn ($3.57bn) in assets outside of the mainland, according to the statement.
Separately, Noah’s net revenues for its wealth management business (Noah also has an asset management business, Gopher Asset Management), were up 4.9% to RMB 623.4m from RMB 594.2m during the same quarter last year, according to its first-quarter results.
