The Chinese wealth management house has appointed a former McKinsey man as its group president.

Noah Holdings, the Chinese wealth and asset management firm, has appointed Kenny Lam to be group president. He was previously a global senior partner at McKinsey and he takes up his new role immediately.

Lam will oversee Noah's operational and management functions and key strategic initiatives. He will report directly to Ms. Jingbo Wang, chairman and chief executive, it said in a statement yesterday.

Lam brings 14 years of experience in strategic, operational and management transformations in the financial industry. As part of his role at McKinsey, he was co-leader of its Asia financial service practice, covering 13 markets across Asia.

“He has led transformational programs for leading financial institutions across Mainland China, India, Taiwan, Singapore, Hong Kong, Korea and Japan on a wide range of strategic, financial and operational topics and is McKinsey's expert on private banking and wealth management,” Noah said.

Before McKinsey, Lam was with American law firm Shearman & Sterling in New York and Hong Kong, counseling multinational corporations in various M&A transactions and NYSE/Nasdaq public offerings.

Noah distributed $10.3 billion of wealth management products in 2014 and had a total of $8.1 billion of assets under management as of 31 December, 2014, according to results issued this week.

Noah distributes products such as fixed income products, private equity funds, mutual funds and insurance products; it also manages private equity funds, real estate funds, hedge funds, and other assets through Gopher Asset Management.

Total net revenue at Noah Holding rose 51.3 per cent year-on-year to $247.9 million in 2014. Wealth management net revenues rose 31.8 per cent to $185.8 billion, with the balance made up form internet finance and asset management, it said in a statement this week. At the end of last year the firm had a total of 70,557 registered clients, a surge over the year of 31.9 per cent. The figure includes 67,724 registered individual clients, 2,714 registered enterprise clients and 119 wholesale clients that have entered into cooperation agreements with the company.