Asia’s wealthy investors are returning to hedge funds, but it isn’t benefitting everyone in the industry.

High net-worths in the region are favoring bigger hedge funds with well-established track records, a Citigroup private banking executive told a Reuters conference in Singapore. Meanwhile, smaller and newer hedge funds are still having difficulty attracting investors.

“There’s been a massive shift to simplicity,” Debashish Dutta Gupta, head of investments at Citi’s wealth-management business for Asia-Pacific, said. He said clients had moved half of their money into cash and fixed-income, while slashing equity exposure from about 70% two years ago to 40% today.

“There’s still a large amount of liquidity on the sidelines,” Dutta Gupta said.