To earn stronger returns, institutional investors need to skew more toward emerging markets and other areas, Byron Wien, a vice chairman at the BlackstoneGroup, told CNBC Thursday.
“The world is a very different place from what it was 5 to 10 years ago, and portfolios need to recognize it,” said Wien. He recommended more exposure in Asia, India and Latin America and emerging markets in general, where two-thirds of the economic growth is happening.