The Asian wealth management firm has grown at a strong clip in recent years.

China-based Hywin Holdings, the wealth management firm, yesterday said that net income in the six months ended 31 December fell by 15.9 per cent to RMB70.4 million ($10.9 million) from a year before.

Total net revenues in the period rose 1.4 per cent to RMB881.3 million, and total operating costs and expenses increased by 4.5 per cent to RMB792.9 million, the firm said in a statement.

The Asian wealth management firm – which has partnered with Liechtenstein-based VP Bank as part of its strategy – has grown rapidly, tapping into demand for servicing the complex needs of HNW and UHNW individuals and families in Asia. 

Net revenues from wealth management services in the six months ended 31 December increased by 0.6 per cent to RMB855.4 million. Net revenues from asset management services surged by 35.1 per cent to RMB9.0 million.

Aggregate transaction value of wealth management products distributed on the company’s platform increased by 3.5 per cent to RMB37.5 billion, and the transaction value of wealth management products per relationship manager increased by 7.5 per cent to RMB23.5 million.

“We are also pleased that on one hand, repeat investment rate from our existing clients was 81.6 per cent in this period, while on the other hand, new client acquisition remained strong as our client growth was 12.5 per cent year-on-year,” Wang Dian, chief executive, said.