Wealthy investors who have ridden the likes of Apple Inc. and Amazon.com Inc. to all-time highs are getting increasingly nervous about the stock market’s fragility.
High-net-worth clients of Morgan Stanley have been reversing course and investing in hedge funds, according to Ben Huneke, head of investment solutions in the wealth-management division. Investing is getting more complicated as the market turns volatile, benefiting an industry that fell out of favor in recent years. The affluent also fear they may have to pay a hefty portion of their gains to the government.
Ben Huneke
Photographer: raig Barritt/Getty Images for NY Common Pantry
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