P2P firms could harm wealth industry, says Noah head

The president of Shanghai-based wealth manager Noah Holdings has warned that Chinese peer-to-peer lenders expanding into asset and wealth management could end up having a negative impact on the industry. Kenny Lam was referring to moves by P2P groups to expand their offerings by adding international strategies. They have been reaching out to asset managers, such as Standard Life Investments, as potential product providers. However, Lam told AsianInvestor: ““P2P platforms are som…