American alternative investment firm Blackstone is reportedly planning to beef up its workforce as part of its efforts to expand its mass affluent business worldwide.
The company currently has a team of around 160 employees to cater to its high-net-worth (HNW) clients.
It is now planning to ‘virtually double’ this number in the next years, Bloomberg reported citing Blackstone global head of private wealth solutions Joan Solotar.
According to Solotar, individual investors made up about 20% of Blackstone’s $731bn assets under management as of the end of this September.
Blackstone established its private wealth team about ten years ago to tap wealthy individuals who otherwise didn’t purchase its products or services.
The unit also built a presence in Asia to take advantage of the growing wealth in the region.
According Solotar, her team is in line to hit its target of amassing $250bn by 2027.
Blackstone is looking to strengthen its footprint in Switzerland and France as part its broader European expansion.
According to Blackstone private wealth solutions Europe head Rashmi Madan, the firm is also looking to tap into the affluent sector in Germany as well as northern Italy.
In August this year, Blackstone reportedly started discussions to acquire a majority stake in asset and wealth management firm ASK Group.
Last September, the company sold its 36% share in Rothesay Life to MassMutual and GIC for £2.1bn ($2.69bn).
Hiring plans by other firms
Last month, Bloomberg reported that Singapore-based OCBC Bank was planning to expand its wealth management and corporate banking workforce in Greater China.
The bank is planning to increase the number of relationship managers to 500 over the next two years.
This April, Goldman Sachs’ European pension and insurance strategies unit head Peter Hermann told the news agency that the firm will expand its Nordic workforce by 40%.
In April, South China Morning Post reported that US-based investment management company Wellington Management was set to increase its Asia headcount by 20%.