Which of the following is an example of a retail client?

The correct answer is High Net Worth Individuals (HNWIs) as they are classified as retail clients due to their individual status and the nature of their investments. Retail clients typically include individual investors who purchase investments for personal use, as opposed to institutional investors who manage funds on behalf of others.

High Net Worth Individuals have sufficient assets that allow them to actively engage in various investment opportunities but do so from an individual perspective. They may require personalized investment advice and services tailored to their specific financial goals, which aligns with the definition of retail clients.

In contrast, pension funds, private equity firms, and institutional investors represent collective entities managing large pools of capital on behalf of clients or members, and their investment activities are more complex and managed under different regulations. Therefore, they fall under the category of institutional investors rather than retail clients.