Amid shifting global economic and geopolitical dynamics, wealth managers are grappling with a pivotal question: How can assets withstand market cycles, mitigate risks, and ensure lasting legacies? This is no longer just an investment challenge but a defining choice in today’s dynamic world.
Recently, Grant Pan, CFO of Noah Holdings and CEO of ARK Hong Kong, appeared on The China Show by Bloomberg to share Noah’s latest achievements and provide expert insights on the evolving wealth management strategies of Chinese high-net-worth (HNW) investors.
Grant also shared nuanced market perspectives, diving into trending topics such as the Middle East’s potential, crypto assets, and intergenerational wealth transfer.
In Q1 2025, Noah’s strategic pivot delivered impressive results, with optimized revenue streams and overseas income hitting a record 49.5% of total revenue. Offshore operations grew substantially, with a diverse alternative investment portfolio resonating with HNW clients. Fundraising for offshore products rose quarter-on-quarter, and client ecosystem growth was robust, marked by significant increases in both registered and active offshore clients, an expanded elite client base, deeper market penetration, and a 44% year-on-year increase in the relationship managers team.
Powered by offshore expansion and operational efficiencies, Noah’s profitability strengthened in Q1 2025. The operating margin climbed to 30.3% year-on-year, non-GAAP net profit grew, and a 12% dividend yield highlighted strategic resilience across cycles. A solid balance sheet and strong cash flow underpinned shareholder returns, with RMB 1.8 billion in dividends distributed over three years and a $50 million share repurchase program advancing steadily, signalling unwavering commitment to shareholders.
Globalization is more than a strategy—it’s a direct response to client demands. As a key pillar of Noah’s global brand portfolio, ARK is spearheading an innovative transformation of wealth management services for Chinese investors worldwide.
ARK is dedicated to deeply understanding and precisely meeting clients’ unique needs, focusing on genuine, long-term value creation. By offering client-centric, customized wealth management solutions with “antifragile” resilience, ARK empowers clients to thrive. Looking ahead, ARK will combine a global perspective with localized expertise to help Chinese investors make their wealth work smarter.
Below are Grant Pan’s key insights from the Bloomberg interview to share with you:
Where Are Chinese HNW Investors Focusing?
Chinese HNW wealth management is maturing, shifting from a U.S.-China focus to global diversification. Japan, Singapore, and Europe are now key markets, with geographic risk dispersion a top priority for building resilient portfolios, as clients seek stability in uncertain times.
How Do Tariffs Impact Chinese Entrepreneurs?
Addressing U.S.-China trade tensions, Grant noted that tariffs spark short-term market jitters but have minimal lasting impact. Many entrepreneurial clients have proactively diversified their markets and supply chains, enhancing their ability to weather risks.
Is the Middle East a Viable Investment Destination?
The Middle East is generating buzz, but Grant observed that clients are cautious, often inquiring but hesitating due to cultural, geographic, and talent constraints. “There’s a lot of curiosity, but action is limited,” he said. Hong Kong and Singapore remain dominant, though the Middle East is still monitored.
What Trends Define Intergenerational Wealth Transfer?
Intergenerational wealth transfer poses challenges for HNW clients. Only about 20% of the second generation opt to manage family businesses, with most gravitating toward entrepreneurship or independent investments, creating unique planning needs.
What New Assets Are HNW Clients Exploring?
Crypto assets are gaining momentum among clients, particularly the next generation, who are more open to innovative investments than their predecessors. Noah ARK supports this shift by providing extensive education through its ecosystem to guide clients in navigating these emerging opportunities.
