New York-listed Chinese wealth manager Noah Holdings has received “portfolio management” (PM) and “exempt market dealer” (EMD) licences in Canada.
With the 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.
The EMD licence allows the firm to advise on private equity opportunities.
Our sister publication, Fund Selector Asia sought more information from Noah Holdings, but the firm declined to provide further details.
Growth
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.
Noah runs a wealth management business in the US, where it received the insurance and the registered investment adviser licences in 2017.
“In the [next] 10 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.
Noah’s assets under management outside of the Chinese mainland increased by 15.6% to RMB24.7bn (£2.3bn, $3.57bn, €3.18bn) in March 2019.
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