Hedge funds, private equity lure rich Asians

All-time high: A customer stands next to HSBC Holdings’ lion sculpture at its headquarters in Hong Kong. The financial institution hit a record, with more than half of its inflows coming from Asia. — Bloomberg

HONG KONG: Wealthy Asians are pouring money at a record pace into alternative assets through private banks and high-end investment firms to escape low interest rates and volatile listed markets.

The haul at JPMorgan Chase & Co’s private banking arm from Asian clients more than doubled this year to an all-time high. HSBC Holdings Plc hit a record, with more than half of its inflows coming from Asia. Firms such as Credit Suisse Group AG and Apollo Global Management have made key personnel moves to step up in a region that’s seeing the fastest growth in wealthy people.