US VC Invests in Chinese Wealth Manager

Christopher Owen

24 October 2007

Sequoia Capital, a US venture capital firm, has invested about $5 million to acquire a 20 per cent stake in Noah Private Wealth Management, a Shanghai-based independent wealth management consultancy. Noah, the biggest independent financial advisor in China, was set up in 2005 as an offshoot of Xiangcai Securities. It currently has more than 100 wealth management consultants and manages a total of more than CNY4 billion ($533 million) in assets by providing investment advice on capital markets. After Sequoia's investment, Noah plans to expand its network nationwide and aims to boost the number of outlets to 20 across China by the end of next year, Noah's general manager Wang Jingbo told Reuters.