Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 172

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 5
Chunk 172
---
 residential developments in the U.S., in the form of equity investments; and
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

●   multi-strategy investments that invest in different types of assets, such as stocks, bonds, real estate or cash to create a nimbler and broadly diversified portfolio. We use asset allocation principles to build multi-asset portfolios and multi or single family office accounts.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
105

The table below summarizes our AUM and typical management fee rates chargeable by asset management services provided by Gopher for the last three years:
​

              ​                 ​       ​        ​      ​     ​      ​     ​        ​        ​      ​     ​      ​     ​        ​        ​      ​     ​      ​  
----------------------------------------------------------------------------------------------------------------------------------------------------------------
​                                   As of December 31,                                                                                                          
​                               ​   2022                                   ​    2023                                   ​    2024                                
​                               ​   Typical      ​    ​       ​    ​       ​    Typical      ​    ​       ​    ​       ​    Typical      ​    ​       ​    ​    
​                               ​   management   ​    ​       ​    ​       ​    management   ​    ​       ​    ​       ​    management   ​    ​       ​    ​    
​                                   fee rates         RMB          %            fee rates         RMB          %            fee rates         RMB          %    
​                                   (in billions, except for percentages)                                                                                       
Product type                    ​   ​            ​    ​       ​    ​       ​    ​            ​    ​       ​    ​       ​    ​            ​    ​       ​    ​    
Private equity investments          0.5%-2.1%    ​    133.1   ​    84.7    ​    0.5%-2.1%    ​    132.2   ​    85.5    ​    0.5%-2.0%    ​    131.5   ​    86.8 
Public securities investments       0.2%-1.8%    ​    11.0    ​    7.0     ​    0.1%-2.1%    ​    11.5    ​    7.4     ​    0.1%-1.9%    ​    9.4     ​    6.2  
Real estate investments             0.5%-3.0%    ​