17 hours ago
- Business
- South China Morning Post
Family offices shift assets to Hong Kong, China and Europe from the US: BNP Paribas
Global family offices have allocated more of their assets to Hong Kong, China, Japan and Europe at the expense of the US amid market uncertainties triggered by American tariffs, BNP Paribas Wealth Management said.
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Arnaud Tellier, the Asia CEO of the French bank's wealth-management unit, said its family office clients shifted their investment strategies after
US President Donald Trump rolled out his slate of tariffs in April.
'Many are actively diversifying away from US dollar assets, increasing allocations to Europe and Asia, especially Hong Kong, China and Japan, due to concerns over US dollar weakness, high US equity valuations and ongoing geopolitical risks,' Tellier said in a written interview on Thursday.
'This move is both a response to the US economic uncertainty and a strategic effort to capture better value and growth in other global markets.'
Family offices are entities set up by wealthy families to manage their succession plans, investments and charitable endeavours.
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Tellier said interest from global family offices in Chinese technology stocks has grown since Hangzhou-based artificial intelligence (AI) start-up DeepSeek launched two powerful and cost-effective large language models earlier this year, catching many investors by surprise.
'We have definitely seen stronger interest in China tech stocks from family office clients after the DeepSeek moment,' he said. 'This enthusiasm has expanded beyond just AI, with clients now looking at hardware, AI application software, power infrastructure, and the broader tech value chain.'
