A new generation of ultra-wealthy Chinese

Intesa Sanpaolo is hoping that Yicai will be able to tap into the huge potential market for wealth management in China that is being opened up by the huge growth in wealthy Chinese individuals in recent years.

China recently overtook the US as the country with the highest number of billionaires in the world, according to the Hurun Report, and the number of HNWI with investable assets of more than 10 million yuan is also likely to increase astronomically in the next two decades.

Recent research on clients' expectations also confirms that China's nouveaux riches have a growing need for professional support to manage their financial wealth.

Intesa Sanpaolo will aim to provide this support by drawing on its experience gained in Europe through managing a network of third-party network of financial advisors via its subsidiary Fideuram, and through its asset management company Eurizon Capital.

Yicai will offer its clients a full range of financial consultancy services aimed at the long-term planning and management of their savings. The company will initially distribute only third-party products, both onshore and offshore, provided by strategic partners such as Penghua and Eurizon Capital.

In addition, Yicai will provide value-added non-financial services with the support of local partners, including business consulting, advice on investing in fine art, and tax and legal advice.

After an initial pilot phase, Yicai plans to set up a single financial advisory office in Qingdao, with the goal of gradually expanding its network of sales offices to 15 cities in the medium term, covering the most important Chinese cities such as Beijing, Shanghai, Guangzhou and Shenzhen.