(Bloomberg) — HarbourVest Partners has hired an executive from BlackRock Inc. to boost its offerings for wealthy individuals, an area of increasing focus in the sector as some institutional investors pare their private equity holdings.
Venu Krishnamurthy joined the Boston-based HarbourVest, which manages more than $147 billion, as head of global private wealth. He had served as a top executive for BlackRock’s Aladdin technology system, where he oversaw the wealth management business.
HarbourVest aims to tap Krishnamurthy’s digital expertise to help broaden the reach of its products that target wealthy investors, Chief Executive Officer John Toomey said in an interview.
Private equity companies are fighting for the business of wealthy individuals, a largely untapped client source, as the endowments and pension funds that have historically plowed their money into the industry look to diversify elsewhere.
Founded as a fund of funds four decades ago, HarbourVest has struck partnerships with Vanguard Group and other partners in recent years in its bid to make private equity available to individual investors. The firm has also launched open-end funds to entice the wealthy, including one earlier this year that offered exposure to almost 40 companies across 30 managers.
HarbourVest now has almost 100 employees in its wealth business. In a given year, 15% to 20% of the capital raised by the firm comes from wealthy investors, according to Toomey, a figure that he expects to rise over the long term. HarbourVest sees its multimanager strategy as a competitive edge in a market where liquidity is crucial.
“It allows us to invest at pretty significant scale,” Toomey said. “We’re investing with lots of managers, as opposed to just the large buyout or one segment of the market.”
This means, you take one article, and you use the article distribution system. It will generate thousands of unique versions of your article, and publish those unique articles to hundreds of websites that are related to your niche.
Take a look at our comprehensive guide to the best and most popular information ebooks and products available today on Detoxing, Colon Cleansing, Weight Loss and Dating and Romance. They are all in one spot, easy to find and compere to make a quick selection for the product that best fits your needs or wants.
So browse through a category and make your preferred selection and come back here to read more choice articles and get a few more helpful tips on ways to help your enhancement.
As an Amazon Associate I earn from qualifying purchases. “saubiosaubiosuccess.com is a participant in third party affiliate and advertising programs; The Amazon Services LLC Associates Program, Awin network, and other affiliate advertising programs are designed to provide a means for sites to earn advertising fees and commissions by advertising and linking to products on other sites and on Amazon.com. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.”
We use anonymous cookies and various 3rd-party services to optimise and to offer you a better, more personalised, browsing experience with advanced accessibility enhancements.
Dismiss
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
