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February 24, 2022

Blackstone plans more hires across Asia in wealth push

Blackstone is planning to double its workforce in Asia and hire new employees across Singapore, Hong Kong and Tokyo, reported Bloomberg.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

The move comes as the American alternative investment firm seeks to bolster allocations to its funds by private banks, wealth advisors, and family offices and increase its focus on the affluent segment.

Blackstone currently employs 20 staff in ‘Asia to provide innovative solutions that are designed for eligible Asian individual investors’, according to Blackstoneprivate wealth solutions Asia head Herbert Suen.

Suen also said that the firm is also planning to add new employees in Shanghai, where it mainly partners with private banks serving the high-net-worth (HNW) individuals.

Blackstone, which expanded into the region seven years ago, has been getting ‘tremendous’ response from the Asian investors in recent years, according to Suen.

He also said that the firm’s ‘inflows have grown multiple times’ during the period.

According to Suen, institutional investors usually allocate about 25% to 40% of their portfolio to alternative investments globally but when it comes to individual investors it is only about 5%.

He said that Blackstone has set up ‘semi-liquid’ structures in response to demand from individuals who prefer short-term deposits for their investment and increased liquidity.

The Asia hires are said to be part of Blackstone’s global recruitment drive to take advantage of the evolving HNW wealth space.

In October last year, Bloomberg reported that is planning to ‘virtually double’ the number of its advisers catering to wealthy clients.

Last year, a report by SCMP said that US-based investment management company Wellington Management is planning to increase its Asia headcount by 20%.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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