Global alternatives manager Blackstone reportedly plans to double its headcount in the region to target wealthy individuals via intermediaries.
New York-headquartered Blackstone plans to hire across Singapore, Hong Kong and Tokyo to «provide innovative solutions that are designed for eligible Asian individual investors» via private banks, wealth advisors and family offices, according to Singapore-based Asia head of private wealth solutions Herbert Suen in a «Bloomberg» report.
The alternatives firm, which currently houses 20 people across the three offices, could also add headcount in Shanghai.
Individual Investors
Compared to the 25-40 percent that institutional investors globally allocate to alternatives, individual investors only invest about 5 percent of their portfolio in the asset class.
To cater to the latter segment’s needs, such as the desire for shorter lock-up periods for their investments, Blackstone has created «semi-liquid» structures to meet the demand.
According to Suen, the response from Asian investors to opportunities in alterantives has been «tremendous over the last couple of years and inflows have grown multiple times», though he did not disclose a figure.
