The rapid rise of hedge funds and private equity in recent years means these investments now account for an increasing portion of clients' assets and of financial advisers' time. Even though last year's market turmoil has hit hedge funds and private equity hard, both have become mainstream investments that are unlikely to disappear.

One wealth management firm that has pushed heavily into such alternative investments is Papamarkou Asset Management. Based in New York, it was founded 26 years ago by Alexander Papamarkou and caters to wealthy individuals, including heirs to Greek shipping fortunes and European royal family members - mostly as a result of the founder's personal network and contacts.