Blackstone39;s global wealth assets have grown to 250 billion
Private equity firm appoints COO in Europe to help drive growth
Wealthy have been leaving UK since Brexit executive

LONDON, Nov 4 Reuters Blackstone39;s private wealth business plans to enter at least two new European markets next year to tap growing demand among the welloff, two executives at the company told Reuters.

New Yorkbased Blackstone has made attracting funds from wealthy individuals a key priority amid choppy market conditions and as private equity firms look to diversify their client base away from institutional clients.

Blackstone39;s European wealth business currently has offices in London, Paris, Zurich, Milan and Frankfurt. It declined to say which new markets it would enter.

Blackstone39;s wealth products have a minimum investment threshold of 10,000 to 25,000.

The business has grown its private wealth assets globally to around 250 billion currently from 103 billion in 2020, or 23 of Blackstone39;s total 1.1 trillion in assets. Blackstone declined to say the value of its wealth assets in Europe.

Navigating the fragmented European market and its myriad of regulatory regimes has posed challenges. France and Italy have been Blackstone39;s biggest growth markets in wealth, with Britain slower going, the executives said.

This is not the United States of Europe. There39;s much more complexity, and I think Blackstone understands that, said Rashmi Madan, head of Europe, Middle East and…