Wary of Trump's trade war, Asia's super rich scale back US exposure

Hong Kong, China, Europe are among the key markets benefiting as tycoons rapidly cut exposure to US assets

- 

Some of Asia's richest families are cutting exposure to US assets, saying President Donald Trump's tariffs have made the world's largest economy much less predictable.

One family office managing assets for Chinese billionaires exited its US holdings entirely and will shift the proceeds to Asia.

A top bank executive in Asia got rid of 60 per cent of US assets from his own portfolio, saying it was safer to hold cash and gold.

A senior executive at one of Europe's largest private banks said the scale of the recent sell-off from rich clients and institutions around the world is unprecedented over the past three decades and could be the beginning of a more persistent shift.

About 10 family offices and advisers to the ultra-rich who oversee billions of dollars told Bloomberg News that they were reducing their exposure or freezing investments, mostly in US equities and Treasuries.

They cite rapid policy shifts, uncertainty and the risk of a recession. Some of them asked not to be identified discussing private investment decisions.

"For the first time, some families are considering partial divestment from US holdings," said Mr Henry Hau, chief executive of Hong Kong-based Infinity Family Office.