Noah Holdings, the wealth management firm that caters to high net worth clients in China, has appointed Shusong Ba and Ji Liu as independent directors to its board.
Shusong Ba is the deputy director of the Research Institute of Finance under the Development Research Center of China's State Council. He also serves several key roles in the public and private sectors, including as chief economist of China Banking Association and advisor to the examination board of the China Banking Regulatory Commission. At Noah Holdings, he joins the audit committee, replacing Steve Yue Ji, who remains a director.
Ji Liu has been an honorary president of China Europe International Business School, a top business school in China, and is the chairman of the CEIBS Education Development Foundation. In his new post, he joins the company's compensation committee, replacing Jingbo Wang, the co-founder who remains chairwoman of the board of directors and chief executive officer.
Concurrent with the appointments is the naming of Boquan He as independent director to also join Noah's corporate governance and nominating committee. He is the co-founder and non-executive director at the firm.
The appointments effectively increase Noah Holdings' board roster to nine directors, including five independent directors. Noah distributes over-the-counter wealth management products that are originated in China, including fixed income products, private equity funds and securities investment funds. As of 30 June 2011, the company records 45 branch offices supported by over 400 relationship managers.