Noah Holdings Becomes the First Non-Bank Chinese Institution to Join PWMA

Wednesday, 13 March 2024, 16:50 HKT/SGT

HONG KONG, Mar 13, 2024 - (ACN Newswire) - On March 11, Noah Holdings (Hong Kong) Limited was honored with full membership by the Private Wealth Management Association (PWMA), marking a significant milestone as the first non-bank institution of Chinese origin to join the prestigious group. This esteemed acknowledgment highlights Noah Holdings' outstanding achievements in wealth management, underscoring its commitment to learning from the association and sharing its wealth of experiences, enriching the collective knowledge base.

PWMA is an industry association comprised of numerous distinguished wealth management institutions within the Hong Kong region. Its members are recognized globally for their influence and frequent engagement in governmental and international forums. Comprising authorized institutions and licensed corporations, specialize in personalized banking solutions and portfolio management for individuals, families, and enterprises.

Over the past decade, PWMA has consistently organized the highly acclaimed PWMA Wealth Management Summit with famous associations, institutions and companies across the world. Recently, PWMA joined forces with the Hong Kong Trade Development Council to co-host a Family Office Seminar during the Asian Financial Forum (AFF). In 2023, PWMA partnered with the London Stock Exchange and its subsidiary, FTSE Russell, to organize an event to discuss the use of sustainability indexes, investment stewardship, sustainable bonds and other financial related topics.

The PWMA is dedicated to solidifying Hong Kong's reputation as the premier destination for private wealth management. With a continuous publication of the Private Wealth Report of Hong Kong for over six years, the association has played a crucial role in fostering industry growth, maintaining high standards of integrity, and serving as a unified voice in stakeholder engagements.

Currently comprising 44 members and governed by a 12-member Executive Committee. The PWMA plays a pivotal role in shaping Hong Kong's position as Asia's leading private wealth management hub. With Hong Kong's strategic location at the heart of Asia's global economic powerhouse, coupled with its vital role as a gateway for capital flows, the PWMA leverages the city's robust legal and regulatory framework, low taxes, and strong financial infrastructure to cater to the needs of high-net-worth clients.

sources from PWMA official website

The membership roster of PWMA includes many renowned banks from China and around the world, such as the JP Morgan Chase Bank, National Association Bank of China (Hong Kong) Limited, BNP Paribas Hong Kong Branch, and Credit Suisse AG, Hong Kong Branch, with rich industry experience and superior professional expertise.

As a leading wealth management service provider, Noah Holdings will align with these outstanding members from the association to promote the development of the wealth management industry, especially by joining the PWMA now. By communicating with other pioneers, it is a great opportunity for Noah to draw experience from those pioneers’ legacy, further improve its service and professional capabilities.

More importantly, Noah will work together with PWMA members to address cross-border regulatory issues in the private wealth management business in Mainland and Hong Kong. With the acceleration of globalization, cross-border wealth management business has gradually become an important trend in industry development. However, the complexity and diversity of cross-border regulation also pose certain challenges to the development of the industry. Noah is well aware of the importance of cross-border regulation and has been committed to promoting the improvement and implementation of relevant policies. Through cooperation with PWMA, Noah can leverage the association's resources to jointly research the best practices of relevant regulations, and help promoting a healthy and prosperous wealth management market.

Going forward, Noah Holdings will maintain a close relationship with the PWMA, actively seeking avenues for industry development. Both parties will strengthen cooperation in information sharing, policy research, and training exchanges, collectively enhancing the overall standard and competitiveness of the industry. Furthermore, Noah Holdings will proactively engage in international exchanges and collaborations, learning from and adopting advanced global practices. As a beacon of success, Noah is proud to contribute Chinese insights and solutions to the global development of the private wealth management industry.