Asset managers target startup founders as wealth grows

The exponential growth of venture capital funding did not only give rise to a large group of startups across many new industries, but also a group of young entrepreneurs that become rich within a short period of time. Naturally, they become the next target of private banks and asset management companies.

China Renaissance said it is going to launch its first wealth management product by the end of this year, targeting high net worth individuals from the so-called new economy sectors.

The Hong Kong-listed company expects to have more than half of these high net worth clients coming from new economy sectors such as information technology, biotechnology,...