U.S. Giant Targets Switzerland's Super-Rich
Leading U.S. investment company Blackstone has hired an experienced banker to help with its expansion into Switzerland.
U.S. investment company Blackstone has appointed Michael
Mostert to the newly created post of principal for Private Wealth Solutions in
Switzerland.
Blackstone said in a press release Tuesday that Mostert
would be responsible for expanding relationships with family offices and other
managers of private wealth.
Mostert was intermediary sales director for Schroders
Investment Management in Switzerland before joining Blackstone. He has also
worked for Barclays Capital and BNP Paribas.
Blackstone has set up a legal entity in Switzerland as a
basis for the expansion, according to the register of businesses.
Blackstone’s Private Wealth Solutions business manages over
$100 billion. In simple terms, the unit offers very wealthy private investors
access to Blackstone’s alternative investment solutions platform.
The timing of the move into the Swiss market is favorable.
The mergers and acquisition business is booming, which offers major
opportunities in the areas of private equity and private markets.
In this context Blackstone and its competitors such as KKR
are planning new funds worth billions. In addition trends such as e-mobility
and sustainability are fueling a rush into certain areas such as renewable energy
and vehicle technology.
Special purpose acquisition companies (SPACs) are also
feeding surge in demand for non-conventional asset classes among the super
rich.
Blackstone says it has $649 billion of assets under
management.
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