UBS Zurich
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UBS Global Family Office Report 2022: 221 Single Family Office Surveyed with $2.2 Billion Wealth Per Family Office

10th June 2022 | Hong Kong

UBS has released the UBS Global Family Office Report 2022, surveying 221 single family offices with total wealth of $493 billion ($258 billion AUM), averaging $2.2 billion ($1.2 billion AUM) per family office.  Key findings from the 221 family offices include the average annual cost per family office is 0.42% of assets, identifying 3 major family office concerns (rising inflation, global geopolitics, valuation), and the top 3 tasks performed within the family office: Strategic asset allocation, Risk management, Financial accounting & reporting.  On investments, the highest asset allocation for family offices are equities (32%), developed market (24%), fixed income (15%), private equity (21%) and direct investments (13%).  53% of family offices have also increased their due diligence process when looking to invest, and 63% feels that high-quality fixed income no longer helps to diversify overall portfolio risk.  Of the 221 family offices surveyed, 42% (beneficial owners) are based in Europe, 10% are based in North America, 14% from Asia-Pacific, 16% from Middle East & Africa and 15% from Latin America.  85% of the family offices still have operating businesses, with the top sector representation from industrials (17%), financials (17%) and real estate (11%).  See below for key highlights.

“ 221 Single Family Office Surveyed with $2.2 Billion Wealth Per Family Office “

 



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2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM



Key Highlights of UBS Global Family Office Report 2022

UBS Zurich
UBS Zurich

Key Highlights:

  • Average annual cost per family office is 0.42% of assets
  • 3 major family office concerns: rising inflation, global geopolitics, valuation
  • Top 3 tasks performed within the family office: Strategic asset allocation, Risk management, Financial accounting & reporting
  • Highest asset allocation for family offices are equities (32%), developed market (24%), fixed income (15%), private equity (21%) and direct investments (13%).
  • 53% of family offices have also increased their due diligence process when looking to invest
  • 63% feels that high-quality fixed income no longer helps to diversify overall portfolio risk.  

Of the 221 family offices surveyed:

  • 42% (beneficial owners) are based in Europe
  • 10% are based in North America, 14% from Asia-Pacific
  • 16% from Middle East & Africa
  • 15% from Latin America
  • 85% of the family offices still have operating businesses, with the top sector representation from industrials (17%), financials (17%) and real estate (11%). 
  • 221 single family offices with $493 billion wealth ($2.2 billion per family office)
  • 221 single family offices with $258 billion assets ($1.2 billion per family office)

 

2021 Strategic Asset Allocation: 

  • Equities: 32%
  • Developed Markets: 24%
  • Developing Markets: 8%
  • Fixed Income: 15%
  • Developed Markets: 4%
  • Cash Equivalent: 10%

Alternative Asset Class Allocation: 

  • Private Equity: 21%
  • Direct Investments: 13%
  • Funds / Funds of Funds: 8%
  • Real Estate: 12%
  • Hedge Funds: 4%
  • Private Debt: 2%
  • Gold / Precious Metals: 1%
  • Commodities: 1%
  • Art & Antiques: 1%
  • Infrastructure 0%

 

3 Major Family Office Concerns:

  • Rising inflation (25%)
  • Global geopolitics (21%)
  • Valuations (20%) 

Family Office Home Bias (Asset Allocation within region):

  • United States: 75% (Allocated within region)
  • Western Europe: 46%
  • Asia-Pacific: 55% (Includes Greater China)
  • MENA: 27%
  • Latin America: 18%

Popular Investment Theme:

  • Digital Transformation: 84%
  • Medical Devices / Health Tech: 75%
  • Automation & Robotics: 72%
  • Green Tech: 69%
  • Fintech: 68%

Views on Portfolio Construction:

  • 63% ~ I no longer feel that high-quality fixed income helps me diversify my overall portfolio risk 
  • 62% ~ Illiquidity increases returns
  • 54% ~ I’m managing portfolio risk more actively now in comparison to previously 
  • 37% ~ I’m willing to accept more risk in future in order to get the same returns 
  • 33% ~ I’m no longer able to build a complete portfolio with long-only investments

Family Offices Stepping up Due Diligence:

  • 53% ~ We have increased our due diligence process when looking to invest 
  • 41% ~ We are actively allocating more to companies/sectors that are focused on directly impacting real world issues (e.g., lowering carbon emissions, renewable energy etc.) 
  • 34% ~ We are actively allocating more to companies/sectors that can demonstrate strong ESG performance 
  • 25% ~ We are actively engaging with management teams on sustainability/ESG in private equity deals 

Investing / Considering Investing in Digital Assets:

  • Distributed ledger technology – 35%
  • Cryptocurrencies – 26%
  • Decentralized finance (DeFi) – 22%
  • Digital exchanges – 20%
  • Non-fungible tokens (NFTs) – 14%
  • Digital assets (photos, videos) – 7%

 

Family Office Expenses (US / Western Europe / Switzerland / APAC):

  • Staff Costs: 80% / 53% / 67% / 44%
  • IT / Technology: 54% / 40% / 44% / 50%
  • Research: 29% / 26% / 12% / 37%
  • Legal &/or Compliance: 33% / 23% / 37% / 31%
  • Asset management costs: NA
  • Banking-related services fees: NA
  • External structures: NA

Annual Cost of Family Office:

  • Average: 0.42%
  • $100 million to $250 million: 0.58%
  • $251 million to $1 billion: 0.42%
  • More than $1 billion: 0.31%

No. of staffs in Family Office:

  • 1 – 3: 23%
  • 4 – 10: 38%
  • 11 – 20: 24%
  • 21 – 50: 11%
  • More than 50: 4%

Top 3 Tasks Performed in-House

  • Strategic asset allocation 83%
  • Risk management 78%
  • Financial accounting and reporting 70%

More Tasks Performed in-House

  • Portfolio administration 
  • Accounting 
  • Philanthropy 
  • Succession planning 
  • Real estate 
  • Investment research 
  • Lifestyle services 
  • Corporate finance consulting 
  • Tax planning 
  • Legal services 
  • Pension/life assurance planning 





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