China-based Noah Holdings Ltd. has set up its first Australian office in Melbourne, The Australian Financial Review reported March 11.
The Australian operations will be led by Grace Tsui, a former Asian relationship director at Westpac Banking Corp.
The Chinese high-net-worth wealth manager plans to invest up to A$2 billion in private equity deals in Australia over the next four years, primarily through a fund-of-funds approach by investing a pool of client funds into products with third-party investment houses such as KKR.
Noah Holdings President Kenny Lam said the company's clients are now looking for more sophisticated products to invest in, such as technology, telco and healthcare services. Lam noted that Chinese investors in Australia are moving away from investments in property and development.
The wealth manager may also consider private lending in the future, the report said, citing Lam.
Tsui said restrictions on capital outflows from China by the government have not impacted Noah Holdings' clients, as a lot of their funds have already been deposited overseas.
