[아시아경제 박병희 기자] Despite the COVID-19 outbreak and the slowdown in the Chinese real estate market, it was confirmed that the amount of investment in private equity and hedge funds by the wealthy in Asia this year was at an all-time high. This is because global banks are actively attracting assets by expanding their business divisions in Asia as the number of super-high net worth in Asia is rapidly increasing.
According to Bloomberg News, the alternative investment divisions of JP Morgan Chase and HSBC Bank raised the largest amount of money this year.
JPMorgan Chase’s private equity banking division more than doubled the amount of money it attracted from Asian customers this year, hitting an all-time high.
Albert Yang, head of JP Morgan’s Asian alternative investment business, said that this year, hedge fund investment demand has doubled and interest in private equity has doubled. .
HSBC raised $2.3 billion in alternative investment last year, of which $1.34 billion was from Asia. This year, the amount of funds raised from customers in Asia increased by more than 50%, reaching an all-time high.
Consulting firm Knight Frank predicted that the number of super-high net worth will increase the most in Asia in the future. Knight Frank predicts that Asians will make up 24% of the world’s super-high net worth over $30 million by 2025. Ten years ago, this percentage was 17%.
Accordingly, global banks are strengthening their penetration into the Asian market. Swiss investment bank Credit Suisse and private equity firm Apollo Global Management have recently moved key figures to Asia.
However, the recent slowdown in the Chinese real estate market is emerging as a variable. According to Hedge Fund Research, the amount of hedge fund losses last month was the largest since March last year, when the COVID-19 pandemic was declared.
Hong Kong-based hedge fund BFAM Partners has lost more than 10% through November of this year. As the Chinese real estate sector recorded losses, it is likely to record annual losses for the first time in nine years since its establishment. BFAM Partners has $4 billion in assets under management.
By Park Byung-hee, staff reporter [email protected]
Source: 아시아경제신문 실시간 속보 by www.asiae.co.kr.
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