Noah Holdings, a wealth management service provider focusing on distributing wealth management products to the high net worth population in China, announced that three Noah entities successfully completed the registration of private security investment, equity investment and venture capital investment business with Asset Management Association of China ("AMAC") and each received a private investment fund manager registration certificate from AMAC.
The three entities are Gopher Asset Management Co., Ltd., Tianjin Gopher Asset Management Co., Ltd. and Gopher Nobel (Shanghai) Asset Management Co., Ltd. Such registration with AMAC allows these Noah entities to independently conduct private security investment businesses without having to involve third parties.
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Noah operates its comprehensive asset management platform mainly through the three entities to provide asset allocation and management services to high net worth individuals, families and institutional clients. As of December 31, 2013, total accumulated asset under management was RMB31 billion.
Relevant PRC laws require independent fund managers to complete the registration with AMAC before they can independently launch private securities investment fund. These three Noah entities are among the first 50 PRC entities to receive the private investment fund manager registration certificate from AMAC.
Ms. Jingbo Wang, Co-founder, Chairwoman of the Board of Directors and Chief Executive Officer, commented, "We are very pleased that three Noah entities were included in the first 50 PRC entities to receive the private investment fund manager registration certificate from AMAC. This allows us to further develop our asset management business and enhance our core competitive advantage." Ms. Wang continued, "We expect the private investment industry to enter into a rapid growing stage and we believe we are well-positioned to take advantage of this market opportunity."
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