Benjamin Kavari, head of Credit Suisse Asia Pacific Wealth Management Business, said that given the huge potential of the Chinese market, China is optimistic about China's future wealth management market, and China is an important market that can provide us with opportunities for cooperation and mutual wins. Credit Suisse (CS.N) aims to start providing wealth management services in China next year and has hired 50 employees for the business.
The prerequisite for carrying out wealth management services in China this time is to be a wholly foreign-owned institution, that is, to obtain all the equity of its securities joint venture in China. Some people believe that it is feasible to acquire all equity in a securities joint venture in China. Since JPMorgan Chase and Goldman Sachs have been approved to become wholly foreign-owned securities companies one after another, it is feasible to become a wholly foreign-owned securities company in policy. The premise for Credit Suisse to launch wealth management business in China is to acquire all equity in its securities joint venture in China.
Credit Suisse Group is a holding company engaged in the provision of financial services. As a senior financial group, its international wealth management department has long provided consulting services and customized investment and financing solutions to high-net-worth private clients in Europe, the Middle East, Africa and Latin America and external asset management company .
Asia-Pacific business includes wealth management, financing and underwriting activities. Investment Banking and the capital markets sector cover investment banking services for enterprises, financial institutions and financial sponsors. In November last year, Credit Suisse Group announced that it would withdraw from its main brokerage business and shift its focus from investment banks to wealth management. is expected to advance the strategic reform relatively smoothly, and it is reasonable for the Group to further expand its future share in the global wealth management market and to choose to enter the world's second largest Chinese market as its main expansion destination next year.
In addition, Fan Xiang, chairman of Goldman Sachs Gaohua Securities, said at the 2022 China International Finance Annual Forum that China's wealth management industry is developing rapidly. It is expected that the scale of assets that Chinese families can invest in will reach about 450 trillion yuan in 2030, of which about 60% will be invested in non-deposit financial products such as securities, public funds, and bank wealth management, with huge market potential.
China's financial institutions must adapt to the diversification of the future wealth management market. According to official data, as of June, China's wealth management market size was 29 trillion yuan (approximately US$4.2 trillion) . Some people believe that the growth rate of private wealth of Chinese households is higher than that of economic growth. At present, China's financial institutions dominate the distribution of self-operated and third-party wealth management products. This is a transitional stage. 's backward, redundant, and low-quality wealth management model will be gradually eliminated. In the future, China's financial institutions must adapt to the diversification of the future wealth management market.
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