Private wealth returns to global equities

Private banks have shifted client money back to equities, but continue to avoid most alternative investments, according to a survey by London-based consultancy Scorpio Partnership. Scorpio, which tracks the private-banking industry worldwide, surveyed 33 private wealth-management institutions that manage a combined $7 trillion of high-net-worth money. These include arms of universal banks, private banks, private-client asset managers and family offices. The survey was done in the fou…