Wealth Managers

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2023 was also a year of transition for China’s wealth management industry, especially third-party firms. Trust companies, alongside other wealth management companies, have ramped up their efforts to bolster risk management mechanisms and diversify asset allocation for clients.




Painful transition

The period from 2007 to 2017 is widely regarded as the golden decade of China’s trust industry. The rapid developments boosted China’s economy but also gave rise to hidden risks in a relatively loose regulatory environment. For a long time, trust companies in China rushed to develop products with underlying assets closely tied to the real estate sector. These products were distributed through third-party wealth management firms or the wealth management units of banks.

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