Asia's ultra-rich families dropping hedge funds for alternative assets

Singapore

FOR Michael Preiss, whose firm oversees US$1.9 billion mainly for wealthy Asian families, adding hedge funds to his clients' portfolios was an easy sell some years ago. Not anymore.

The executive director at the Singapore-based Taurus Wealth Advisors Pte Ltd multi-family office said his clients are disappointed with mediocre hedge fund returns and are balking at high fees, prompting them to shift to private equity.