09:50 AM EST, 11/04/2024 (MT Newswires) -- Blackstone's (BX) private wealth business seeks to enter at least two additional European markets next year to broaden its reach among high-net-worth clients, Reuters reported Monday, citing company executives.

The investment firm did not disclose which markets it aims to enter, according to the report. Currently, Blackstone's private wealth offices span London, Paris, Zurich, Milan, and Frankfurt, with global assets around $250 billion.

The European market presents "complex" regulatory challenges, according to Rashmi Madan, Blackstone's head of Europe, Middle East, and Africa for private wealth solutions, but recent regulatory changes across the region, including in Britain, are seen as a "positive sign," Reuters reported. France and Italy remain Blackstone's key growth markets, the report added.

Blackstone has also appointed Sheila Rapple as chief operating officer for EMEA wealth in an effort to help expand the business, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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