The Asia-based wealth and investments house has named the head of its new US subsidiary.

Wealth and asset management house Noah Holdings has appointed Shang-yan Chuang as chief financial officer, taking over from Ching Tao, who is now chief executive of Noah US, the firm’s first US subsidiary.

The appointments take effect from 1 September, Noah Holdings said in a statement yesterday. 

Chuang has more than 13 years of experience in financial services. In March 2011, he joined Noah as a director of investment relations and corporate development. In 2012, he founded Noah Holdings (Hong Kong) and served as its executive director and CEO until January 2016. Prior to joining Noah, Chuang was a senior executive at Bank of America Merrill Lynch in the investment banking division and Asia private equity from 2003 to 2011, based in Hong Kong. 

Noah Holdings, which is listed on the New York stock exchange, had $15.2 billion of assets under management at the end of June this year. It serves clients through a network of 1,093 relationship managers across 175 branches and sub-branches in 68 cities in China, as well as a wholly owned subsidiary in Hong Kong. Its wealth management business had 114,870 registered clients at the end of June.

Among recent developments affecting Noah, earlier in August, JTC, the provider of institutional and private client services, set up Jersey’s first managed trust company for a mainland Chinese institution. The Jersey Financial Services Commission issued the new licence to Ark Trust (Jersey), a subsidiary of Noah Wealth Management.