Noah Holdings Ltd., a Shanghai-based firm with USD20.7bn assets under management, plans to double its relationship managers in Hong Kong and Singapore from 100 to 150-200 by year-end. CFO Qing Pan noted this expansion aims to cater to the growing capital flow from mainland China. Currently, 70% of Noah’s managers are in Hong Kong, reflecting its status as a significant hub for mainland investors, while Singapore attracts clients due to enhanced wealth management incentives and regulatory changes. Noah is also considering a Dubai expansion but remains cautious due to the high costs of establishing new offices. The company, affected by past scandals, has shifted focus from smaller cities to major urban centres and reduced its domestic managers by 7.6% in 2023.