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Noah Holdings Limited Appoints Kenny Lam as Group President
SHANGHAI, March 16, 2015 /PRNewswire/ -- Noah Holdings Limited ("Noah" or the "Company") (NYSE: NOAH), China's leading wealth and asset management service provider, focusing on global wealth investment and asset allocation services for high net worth individuals and enterprises in China, today announced the appointment of Kenny Lam to be Group President effective immediately. He will oversee Noah's operational and management functions and key strategic initiatives. He will report directly to Ms. Jingbo Wang, Chairman and Chief Executive Officer of Noah.
"I am excited to have Kenny join Noah's executive leadership team as he brings a wealth of experience and knowledge of the financial services sector," said Ms. Jingbo Wang, Founder, Chairman of the Board of Directors, and Chief Executive Officer. "Kenny's professional expertise in strategic planning, new management and operational approaches, and his deep familiarity with our business and strategy make him the ideal candidate to help our businesses grow and achieve our long term goals. He has shown a longstanding and tireless commitment to Noah through his leadership of the McKinsey team serving Noah for multiple years. I will partner with Kenny and will focus on driving new business development and key strategic initiatives. We believe, together with the entire team, we will bring Noah to new levels of success."
Mr. Lam brings 14 years of experience in strategic, operational and management transformations in the financial industry. He was a Global Senior Partner at McKinsey and a co-leader of its Asia Financial Service Practice, covering 13 markets across Asia. He was the fastest rising Partner in McKinsey Asia when elected as a Global Partner within six years from his entry to McKinsey. Under his leadership, McKinsey's private, retail and digital banking practices have more than tripled their client activities. He has led transformational programs for leading financial institutions across Mainland China, India, Taiwan, Singapore, Hong Kong, Korea and Japan on a wide range of strategic, financial and operational topics and is McKinsey's expert on private banking and wealth management. He has worked with governments and regulators on private banking strategy in the key offshore hubs of Asia. At McKinsey, he was also the Chairman of its people performance review committees, overseeing the review of Greater China's more than 200 professionals.
Before McKinsey, he was with American law firm Shearman & Sterling in New York and Hong Kong, counseling multinational corporations in various M&A transactions and NYSE/Nasdaq public offerings.
Mr. Lam graduated with a MA (Honours) in Law from Oxford University and magna cum laude with a BS in Finance from the Wharton School of the University of Pennsylvania, where he was a Joseph Wharton Scholar and a Benjamin Franklin Scholar.
ABOUT NOAH HOLDINGS LIMITED
Founded in 2005, Noah Holdings Limited (NYSE: NOAH) is a leading wealth management service provider with a focus on global wealth investment and asset allocation services for high net worth individuals and enterprises in China. Noah distributed US$10.3 billion of wealth management products in 2014 and had a total of US$8.1 billion of assets under management as of December 31, 2014.
Noah distributes a wide array of wealth management products including fixed income products, private equity funds, mutual funds and insurance products. Noah also manages private equity funds, real estate funds, hedge funds, and other assets through Gopher Asset Management. In addition, in the second quarter of 2014, the Company launched a self-developed internet finance platform to provide financial products and services to white-collar professionals in China. Noah delivers customized financial solutions to clients through a network of 779 relationship managers across 94 branches and sub-branches in 63 cities in China, and serves the international investment needs of its clients through a wholly-owned subsidiary in Hong Kong. The Company's wealth management business had 70,557 registered clients as of December 31, 2014 and 9,010 active clients in 2014.
Noah has won numerous awards including Hurun Report's Popular Independent Wealth Management Institution award in 2013 and 2014, Forbes' Best Potential Business in China award in 2015, Deloitte's Technology Fast 500 Asia Pacific award in 2013, and STCN's Best Third Party Wealth Management Company award in 2014.
For more information please visit Noah at http://www.noahwm.com.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the outlook for the full year 2014 and quotations from management in this announcement, as well as Noah's strategic and operational plans, contain forward-looking statements. Noah may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Noah's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: its goals and strategies; its future business development, financial condition and results of operations; the expected growth of the wealth management market in China and internationally; its expectations regarding demand for and market acceptance of the products it distributes; its expectations regarding keeping and strengthening its relationships with key clients; relevant government policies and regulations relating to its industry; its ability to attract and retain quality employees; its ability to stay abreast of market trends and technological advances; its plans to invest in research and development to enhance its product choices and service offerings; competition in its industry in China and internationally; general economic and business conditions in China; and its ability to effectively protect its intellectual property rights and not infringe on the intellectual property rights of others. Further information regarding these and other risks is included in Noah's filings with the Securities and Exchange Commission, including its annual report on Form 20-F. Noah does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law. All information provided in this press release and in the attachments is as of the date of this press release, and Noah undertakes no duty to update such information, except as required under applicable law.
Noah Holdings Limited
Ke-Li Cheng, Officer of IR
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SOURCE Noah Holdings Limited