Wealth management firm of the year 2023
Heritvest proved resilient, even in the face of financial market turbulence and strict Covid-related lockdowns in China last year.
Heritvest, which is one of the leading wealth managers in mainland China and recently rebranded from CreditEase Wealth Management, increased net profits by 20% year on year in 2022, demonstrating its ability to stay on top of its game. It is Asiamoney’s pick for best wealth management firm in China for 2023 and the best for fund of funds.
Heritvest had total client assets of Rmb120 billion ($17 billion) in 2022, up 8% from 2021. The firm, which was founded by Tang Ning in Beijing in 2006, now employs about 10,000 relationship managers and has offices in Hong Kong, Singapore and the US. Xiao Shang is co-CEO of Heritvest.
One of the firm’s highlights last year was the performance of its fund of funds (FOF) business. FOF refers to a multi-manager investment model comprising a pooled investment fund with different underlying portfolios that invest in other types of funds.
Heritvest’s first FOF was launched in 2015. Since then, the total assets under management in the firm’s FOF products have risen to more than Rmb50 billion in 2022, up 6% from 2021.