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October 27, 2021

Blackstone looking to almost double private wealth team

By Verdict Staff

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.

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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
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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%.

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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