Partnership to jointly address the growing wealth management needs of Asian ultra high net worth individuals.
Boutique investment bank China Renaissance, which is known for its involvement with mergers and initial public offerings in the tech sector, has entered into a Strategic Cooperation Framework Agreement with LGT Bank, the private banking arm of LGT Group, the largest family-owned private banking and asset management group in Europe, a press release announced on Wednesday.
According to the announcement, the strategic partnership leverages China Renaissance's strengths in the asset side and entrepreneurial social circles in China, and LGT's strength in wealth management and strong global customer and product resources. The two parties will cooperate at all levels across various business functions and provide global asset allocation services for Chinese clients around the world, it said.
Transition to Wealth Preservation
«Wealth owners emerging from China's new economy have different attributes compared to traditional high net worth individuals. Being young, they understand and embrace technology and the new economy, and are willing to invest in the ecosystem of the new economy. Meanwhile, demand in China's high-end wealth management market is experiencing a transition from wealth generation to wealth preservation,» Bao Fan, chairman of China Renaissance, said
China Renaissance was founded in 2005 as a two-man team that matched China’s cash-hungry startups with private equity investors. It now provides private placement advisory, M&A advisory, securities underwriting, research, sales and trading, investment management and other financial services, employing over 600 across offices in Beijing, Shanghai, Hong Kong and New York.
The Liechtenstein Princely Family has controlled LGT Group for over 80 years. As of 30 June 2018, it had CHF 206 billion Swiss francs (US$ 207.5 billion) in assets under management. The firm employs over 3,000 people across 20 locations globally.
