The recession has made the wealthiest investors in the US shun risk-taking, according to a survey published by Spectrem Group yesterday.

The percentage of US households with a net worth of $5 million to $25 million that describe themselves as “conservative” investors increased fivefold in 2009 to 27 per cent from 5 per cent a year before, according to the new report, entitled Ultra High Net Worth Investor 2009.

Households worth $1 million to $5 million that describe themselves as “conservative” grew to 28 per cent, up from 12 per cent in 2008, Spectrem said in a separate survey.

At the same time, those listing themselves as “aggressive” investors fell sharply, down to 13 per cent for the UHNW group and 12 per cent for the $1 million-to-$5 million group. “Most aggressive” were 3 per cent and 2 per cent, respectively.

The report suggests that investor sentiment can lag behind movements in markets. From the spring of last year, equity markets rallied and hedge funds, for example, enjoyed their best year for returns since the late 1990s.

“America’s wealthiest investors have backed away from risk during the recession in surprising numbers, with more than a quarter of all UHNW households now considering themselves conservative investors. They are also keeping a strong hand in the management of their assets, letting advisors handle just 18 per cent independently and managing nearly half by themselves,” said George Walper, president of Spectrem.

UHNW households invest almost half - 47 per cent - of their assets themselves with no professional help, the survey found, suggesting considerable potential for advisors to capture a higher share of wallet.

The report on UHNW households was based on a survey of 523 households; the second report on HNW households covered 1,089 households.