Piau Voon (PV) Wang, co-chief investment officer of NYSE-listed Noah Holdings, China’s largest wealth and asset management platform, is leaving the firm at the end of the month.
Wang, who joined Noah in April last year after almost two decades at Adams Street Partners, told Private Equity International he is taking a break for the next few months but will stay in the private equity industry and continue to be based in Hong Kong.
Wang added he is “exploring opportunities with ties to the greater China market”, the details of which are still being finalised.
“Noah has been a very rewarding experience over the past 18 months. It opened my eyes to the opportunities in the domestic market not just in the private wealth space but also in the yuan-denominated funds market in China, which before this was new to me,” he said.
During Wang’s almost two-year stint at Noah, the firm expanded its international platform and had set up a Silicon Valley office in order to ramp up US venture investments. The firm’s asset management arm, Gopher Asset Management invests across telecommunications, media and technology (TMT), healthcare, and internet finance companies. It has funds managed by Legend Capital, GSR Ventures and Qiming Venture Partners, the firm said on its website.
As of end-June 2017, Gopher’s total assets under management reached 138.7 billion yuan ($20.5 billion; €17.7 billion) across private equity funds of funds, real estate funds of funds and secondaries investments. Meanwhile its parent company Noah Holdings distributed over $9 billion of wealth management products in the first half of 2017.
William Ma, co-CIO at Noah will continue running the investment team and assume overall leadership until Wang’s replacement is found.