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SHANGHAI, March 12, 2023 /PRNewswire/ — Noah Holdings Limited (the “Company” or “Noah“) NOAH, a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors, today informed its investors that it is aware of the closure of Silicon Valley Bank (the “SVB“) and appointment of the Federal Deposit Insurance Corporation as receiver (collectively, the “SVB’s Receivership“).
Noah currently has cash and cash equivalents of less than US$1 million with the SVB, representing less than 0.2% of its total cash and cash equivalents, and therefore believes its exposure to any liquidity concern as a result of the SVB’s Receivership is immaterial to its business operations or financial condition. In addition, Noah, under its asset management business, serves as the general partner or fund manager for certain investment funds with accounts at the SVB, and has taken necessary measures to protect against or minimize the potential impact of the SVB’s Receivership on these funds. Noah will continue to monitor this situation and proactively fulfill its fiduciary duties to the limited partners and investors of the funds.
ABOUT NOAH HOLDINGS LIMITED
Noah Holdings Limited NOAH is a leading and pioneer wealth management service provider in China offering comprehensive one-stop advisory services on global investment and asset allocation primarily for high net worth investors. Noah is a Cayman Islands holding company and carries on business in Hong Kong as Noah Holdings Private Wealth and Asset Management Limited. In the first nine months of 2022, Noah distributed RMB52.3 billion (US$7.3 billion) of investment products. Through Gopher Asset Management, Noah had assets under management of RMB156.2 billion (US$22.0 billion) as of September 30, 2022.
Noah’s wealth management business primarily distributes private equity, private secondary, mutual fund and other…
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