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Noah’s S&P rating a step forward for Chinese WM industry, says Lam

S&P Global Ratings’ decision to grant investment-grade status to Noah Holdings is not only a boon for the firm but “a milestone for China’s wealth management industry”, which has tended to implicitly promote guaranteed returns over prudent risk management practices, according to Kenny Lam, group president of Noah Holdings. The ratings agency yesterday issued Noah with BBB- long-term and A-3…

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