What impresses Asiamoney most with China International Capital Corp, which is this year’s best securities house in wealth management in China, is its ability to steer the franchise in the right direction, to be flexible and nimble when it comes to making decisions, and to grow rapidly despite the fact its wealth management arm has only been around for a couple of years.
CICC Wealth Management, led by its president Wu Bo, was launched in late 2019 and rapidly made a name for itself in the country.
The number of clients rose more than 20% to 4.54 million in 2021.
CICC Wealth’s senior management team says the firm’s main strength has been its flexibility in portfolio management, which proved particularly useful in 2021 at a time of great volatility in world markets.
For example, if a client had 40% of their portfolio in equities, CICC’s team was nimble enough to bring the exposure down to 30%, and divert that remaining 10% to more stable government bonds. This portfolio management paid off for CICC’s client base when stock markets were turbulent in 2021.
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