HK multi-family office ditching credit, stocks for cash

Hong Kong-based Silverhorn Investment Advisors has seen most of its clients switch out of directional credit and equity strategies and park as much as 30% of their portfolios in cash, amid the ongoing market turmoil. Historically a lot of the multi-billion-dollar wealth manager's clients have had 30% in credit exposure in the past three to four years, particularly in Asian high-yield bonds, said Mike Imam, managing partner at Silverhorn. But that figure has fallen to zero or singl…