HSBC Private Banking has seen a surge in client interest in alternative investments this year, picking up on a trend whereby the wealthy are pouring money into private markets.

The private bank said that between January and the of August this year, it has raised US $1.6 billion from private clients for solutions including hedge funds, private equity, private credit and a private REIT strategy. This is an increase on 2019’s full-year figure of $1.2 billion.

The number ...