UBS Global Family Office Report 2024: 320 Family Offices with $1.3 Billion Average AUM, Main Purpose of Family Office is to Support Transfer of Wealth, Pure Cost of Operating Family Office $100 Million is 0.45% & $1 Billion is 0.34%, Top 5 Asset Allocation are Equities 28%, Fixed income 19%, Private equity 22%, Real estate 10%, Cash & Equivalent 10%, Top 5 Risks are Major Geopolitical Conflict, Higher Inflation, Real Estate Correction, Higher Interest Rates, Global Recession, Top 5 Investment Themes are Artificial Intelligence, Healthtech, Automation & Robotics, Medical Devices, Security & Safety
7th June 2024 | Hong Kong
UBS has released the UBS Global Family Office Report 2024, providing key insights into 320 family offices with $1.6 billion average AUM (Assets under Management) and $2.6 billion average net worth. In the 2024 report, Family Office serving Generations 1st generation 52%, 2nd generation 59%. Family Office with active operating business – Yes 77%, No 23%. Top 4 active operating business – Real estate 13%, Banks & financial services 9%, Consumer goods 7%, Retail 6%. Top 3 main purposes of the family office in United States – Support generational transfer of wealth 78%, Manage administrative tasks 53%, Invest excess cash from the operating business 50%. Top 3 main purposes of the family office in North Asia – Support generational transfer of wealth 76%, Provide income to the family members 49%, Invest excess cash from the operating business 33%. Top 3 main purposes of the family office in Southeast Asia – Support generational transfer of wealth 77%, Diversify away from the operating business 54%, Provide income to the family members 49%. Pure cost of operating family office with operating business – 0.394% ($394,000 per $100 million, $3.94 million per $1 billion), Pure cost of operating family office without operating business – 0.42% ($420,000 per $100 million, $4.2 million per $1 billion). Pure cost of operating family office by AUM – $100 m to $250 million 0.45%, $251 m to $1 billion 0.423%, More than $1 billion 0.34%. Pure cost of operating family office by no. of employees – 1 to 3 employees 0.255%, 4 to 10 employees 0.419%, More than 11 employees 0.448%. Cost of family office Breakdown – Pure cost of family office 57%, Asset Management costs 24%, Banking-related service fees 7%, External structures 7%, Others 3%. Pure cost of family office breakdown – Staff costs 66%, Legal &/or compliance 10%, Physical infrastructure 9%, IT / Technology 7%, Research 4%, Other 3%. Top 6 Family Office options to better achieve goals (Sustainability / Impact) – Data analytics, Educational materials, Direct access to experts, Networking with family offices, Access to early-stage ventures, Access to topical thematic research. Top 5 Risks covered by family offices – Financial risks 59%, Cybersecurity risks 40%, Economic risks 40%, Family succession risk 35%, Operational risks 32%. Top 6 areas of focus for in-house investment professionals – Equities, Liquidity management, Private equity (direct investments), Private equity (funds), Bonds (fixed income), Real estate / infrastructure. Strategic Asset Allocation – Global (2023) – Traditional 58%, Alternative 42%. Strategic Asset Allocation – Global (2023) – Equities 28%, Fixed income 19%, Private equity 22%, Private debt 2%, Hedge funds 5%, Real estate 10%, Infrastructure 1%, Gold / precious metals 1%, Cash & cash equivalent 10%, Art & antiques 1%, Commodities < 1%. Global average asset allocation by region – North America 50%, Western Europe 27%, APAC ex-China 9%, Greater China 8%, Latin America 2%, Eastern Europe 2%, Middle East 2%, Africa 1%. Top 3 strategies for diversification – Rely more on manager selection &/or active management 39%, High-quality short duration fixed income 35%, Hedge funds 33%. Top 5 investment theme in next 2 to 3 years – Artificial intelligence, Healthtech, Automation & robotics, Medical devices, Security & safety. Top Real Estate investments in 2023 – Direct investments in fully owned physical real estate. Top 3 Fixed income investments in 2023 – Investment-grade corporate bonds 40%, High-grade bonds (government, supranational) 36%, High yield corporate bonds 12%. Family office views on Managing portfolio risk in the next 12 to 18 months vs 2023 – More risk 18%, Same risk 61%, Less risk 21%. Views on interest rates – Positive real interest rates for longer 73%, Real interest rates will fluctuate around zero 23%, Will go back to negative real interest rates 3%. Top 5 Risks over the next 12 months – Major geopolitical conflict, Higher inflation, Real estate correction, Higher interest rates, Global recession. Top Risks over the next 5 years – Major geopolitical conflict, Climate change, Debt crisis, Financial market crisis, Higher taxes. See below for key findings & summary below | View report here
“ 320 Family Offices with $1.3 Billion Average AUM, Main Purpose of Family Office is to Support Transfer of Wealth, Pure Cost of Operating Family Office $100 Million is 0.45% & $1 Billion is 0.34%, Top 5 Asset Allocation are Equities 28%, Fixed income 19%, Private equity 22%, Real estate 10%, Cash & Equivalent 10%, Top 5 Risks are Major Geopolitical Conflict, Higher Inflation, Real Estate Correction, Higher Interest Rates, Global Recession, Top 5 Investment Themes are Artificial Intelligence, Healthtech, Automation & Robotics, Medical Devices, Security & Safety “
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UBS Global Family Office Report 2024: 320 Family Offices with $1.3 Billion Average AUM, Main Purpose of Family Office is to Support Transfer of Wealth, Pure Cost of Operating Family Office $100 Million is 0.45% & $1 Billion is 0.34%, Top 5 Asset Allocation are Equities 28%, Fixed income 19%, Private equity 22%, Real estate 10%, Cash & Equivalent 10%, Top 5 Risks are Major Geopolitical Conflict, Higher Inflation, Real Estate Correction, Higher Interest Rates, Global Recession, Top 5 Investment Themes are Artificial Intelligence, Healthtech, Automation & Robotics, Medical Devices, Security & Safety
UBS has released the UBS Global Family Office Report 2024, providing key insights into 320 family offices with $1.6 billion average AUM (Assets under Management) and $2.6 billion average net worth. See below for key findings & summary below | View report here
UBS Global Family Office Report 2024
Summary
- No. of family offices – 320 family offices
- Average family office AUM – $1.3 billion
- Average family office net worth – $2.6 billion
- Family Office serving Generations – 1st generation 52%, 2nd generation 59%
- Family Office with active operating business – Yes 77%, No 23%
- Top 4 active operating business – Real estate 13%, Banks & financial services 9%, Consumer goods 7%, Retail 6%
- Top 3 main purposes of the family office in United States – Support generational transfer of wealth 78%, Manage administrative tasks 53%, Invest excess cash from the operating business 50%
- Top 3 main purposes of the family office in North Asia – Support generational transfer of wealth 76%, Provide income to the family members 49%, Invest excess cash from the operating business 33%
- Top 3 main purposes of the family office in Southeast Asia – Support generational transfer of wealth 77%, Diversify away from the operating business 54%, Provide income to the family members 49%
- Pure cost of operating family office with operating business – 0.394% ($394,000 per $100 million, $3.94 million per $1 billion)
- Pure cost of operating family office without operating business – 0.42% ($420,000 per $100 million, $4.2 million per $1 billion)
- Pure cost of operating family office by AUM – $100 m to $250 million 0.45%, $251 m to $1 billion 0.423%, More than $1 billion 0.34%
- Pure cost of operating family office by no. of employees – 1 to 3 employees 0.255%, 4 to 10 employees 0.419%, More than 11 employees 0.448%
- Cost of family office Breakdown – Pure cost of family office 57%, Asset Management costs 24%, Banking-related service fees 7%, External structures 7%, Others 3%
- Pure cost of family office breakdown – Staff costs 66%, Legal &/or compliance 10%, Physical infrastructure 9%, IT / Technology 7%, Research 4%, Other 3%
- Top 6 Family Office options to better achieve goals (Sustainability / Impact) – Data analytics, Educational materials, Direct access to experts, Networking with family offices, Access to early-stage ventures, Access to topical thematic research
- Top 5 Risks covered by family offices – Financial risks 59%, Cybersecurity risks 40%, Economic risks 40%, Family succession risk 35%, Operational risks 32%
- Top 3 governance controls & processes – Financial performance measurement process 64%, Investment committee 56%, Regular review process of all the activities / operations of the family office 56%
Investment
- Top 6 areas of focus for in-house investment professionals – Equities, Liquidity management, Private equity (direct investments), Private equity (funds), Bonds (fixed income), Real estate / infrastructure
- Strategic Asset Allocation – Global (2023) – Traditional 58%, Alternative 42%
- Strategic Asset Allocation – Global (2023) – Equities 28%, Fixed income 19%, Private equity 22%, Private debt 2%, Hedge funds 5%, Real estate 10%, Infrastructure 1%, Gold / precious metals 1%, Cash & cash equivalent 10%, Art & antiques 1%, Commodities < 1%
- Global average asset allocation by region – North America 50%, Western Europe 27%, APAC ex-China 9%, Greater China 8%, Latin America 2%, Eastern Europe 2%, Middle East 2%, Africa 1%
- Top 3 strategies for diversification – Rely more on manager selection &/or active management 39%, High-quality short duration fixed income 35%, Hedge funds 33%
- Top 5 investment theme in next 2 to 3 years – Artificial intelligence, Healthtech, Automation & robotics, Medical devices, Security & safety
- Top Real Estate investments in 2023 – Direct investments in fully owned physical real estate
- Top 3 Fixed income investments in 2023 – Investment-grade corporate bonds 40%, High-grade bonds (government, supranational) 36%, High yield corporate bonds 12%
Family office views
- Managing portfolio risk in the next 12 to 18 months vs 2023 – More risk 18%, Same risk 61%, Less risk 21%
- Views on interest rates – Positive real interest rates for longer 73%, Real interest rates will fluctuate around zero 23%, Will go back to negative real interest rates 3%
- Top 5 Risks over the next 12 months – Major geopolitical conflict, Higher inflation, Real estate correction, Higher interest rates, Global recession
- Top Risks over the next 5 years – Major geopolitical conflict, Climate change, Debt crisis, Financial market crisis, Higher taxes
UBS Global Family Office Report 2024
1) Profile
- No. of family offices – 320
- Average AUM – $1.3 billion
- Average net worth – $2.6 billion
- Total net worth – $608 billion
Family Offices location
- APAC – 33%
- Europe – 25%
- Switzerland – 11%
- Middle East – 9%
- United States – 12%
- Latin America – 10%
Family Office serving Generations:
- 1st generation – 52%
- 2nd generation – 59%
2) Top 3 Main Purposes of Family Office
United States:
- Support generational transfer of wealth – 78%
- Manage administrative tasks – 53%
- Invest excess cash from the operating business – 50%
North Asia:
- Support generational transfer of wealth – 76%
- Provide income to the family members – 49%
- Invest excess cash from the operating business – 33%
Southeast Asia:
- Support generational transfer of wealth – 77%
- Diversify away from the operating business – 54%
- Provide income to the family members – 49%
Switzerland:
- Support generational transfer of wealth – 64%
- Provide income to the family members – 64%
- Manage administrative tasks – 64%
Europe:
- Support generational transfer of wealth – 68%
- Provide income to the family members – 53%
- Diversify away from the operating business – 44%
Middle East:
- Support generational transfer of wealth – 75%
- Provide income to the family members – 68%
- Diversify away from the operating business – 50%
Latin America:
- Support generational transfer of wealth – 66%
- Diversify away from the operating business – 45%
- Invest excess cash from the operating business – 38%
3) Managing Family Office
Family Office with active operating business
- Yes – 77%
- No – 23%
Top 4 active operating business:
- Real estate – 13%
- Banks & financial services – 9%
- Consumer goods – 7%
- Retail – 6%
Pure cost of operating family office:
- With operating business – 0.394% ($394,000 per $100 million, $3.94 million per $1 billion)
- Without operating business – 0.42% ($420,000 per $100 million, $4.2 million per $1 billion)
Pure cost of operating family office by AUM:
- $100 m to $250 million – 0.45%
- $251 m to $1 billion – 0.423%
- More than $1 billion – 0.34%
Pure cost of operating family office by no. of employees:
- 1 to 3 employees – 0.255%
- 4 to 10 employees – 0.419%
- More than 11 employees – 0.448%
Cost of family office Breakdown:
- Pure cost of family office – 57%
- Asset Management costs – 24%
- Banking-related service fees – 7%
- External structures – 7%
- Others – 3%
Pure cost of family office breakdown:
- Staff costs – 66%
- Legal &/or compliance – 10%
- Physical infrastructure – 9%
- IT / Technology – 7%
- Research – 4%
- Other – 3%
4) Improvements, Risks & Governance & in Family Office
Top 6 Family Office options to better achieve goals (Sustainability / Impact):
- Data analytics to measure impact of investments / business operations – 37%
- Access to educational materials on sustainability / impact-related topics – 34%
- Direct access to leading industry sector experts – 32%
- Networking opportunities with other family offices – 31%
- Access to deal flow / co-investment opportunities for early-stage ventures – 27%
- Access to topical thematic research – 25%
Top Risks covered by family offices:
- Financial risks – 59%
- Cybersecurity risks – 40%
- Economic risks – 40%
- Family succession risk – 35%
- Operational risks – 32%
- Geopolitical risks – 26%
- Ownership risks – 25%
- Business risks – 25%
- Reputational risks – 24%
- Family office succession risk – 24%
- Family risks – 21%
- Physical risks – 16%
- Staffing risks – 15%
- Medical risks and travel emergencies – 14%
- Environmental/climate risks – 9%
- None of the above – 7%
Top governance controls & processes:
- Financial performance measurement process – 64%
- Investment committee – 56%
- Regular review process of all the activities / operations of the family office – 56%
- Annual performance review process for all staff members – 51%
- Annual budgeting process for the family office – 50%
- Job descriptions for the roles covered by the family office – 49%
- Wealth succession plan for the family members – 47%
- Financial reporting software from an external party – 45%
- Governance framework – 44%
- Documented investment process – 44%
- Cybersecurity controls – 40%
- Risk management processes beyond investments – 31%
- Family office strategy and/or operating manual – 31%
- Process to select and review external parties – 30%
- Succession plan for the family office – 26%
- None of these – 7%
5) Managing Investments
Top 6 areas of focus for in-house investment professionals:
- Equities – 78%
- Liquidity management – 69%
- Private equity (direct investments) – 65%
- Private equity (funds) – 64%
- Bonds (fixed income) – 63%
- Real estate / infrastructure – 61%
Strategic Asset Allocation – Global (2023):
- Traditional – 58%
- Alternative – 42%
Strategic Asset Allocation – Global (2023):
- Equities – 28%
- Fixed income – 19%
- Private equity – 22%
- Private debt – 2%
- Hedge funds – 5%
- Real estate – 10%
- Infrastructure – 1%
- Gold / precious metals – 1%
- Cash & cash equivalent – 10%
- Art & antiques – 1%
- Commodities – Less than 1%
Strategic Asset Allocation (2023) – North Asia:
- Equities – 25%
- Fixed income – 27%
- Private equity – 18%
- Private debt – 2%
- Hedge funds – 6%
- Real estate – 7%
- Infrastructure – Less than 1%
- Gold / precious metals – Less than 1%
- Cash & cash equivalent – 14%
- Art & antiques – Less than 1%
- Commodities – Less than 1%
Strategic Asset Allocation (2023) – Southeast Asia:
- Equities – 29%
- Fixed income – 21%
- Private equity – 19%
- Private debt – 3%
- Hedge funds – 5%
- Real estate – 6%
- Infrastructure – %
- Gold / precious metals – Less than 1%
- Cash & cash equivalent – 13%
- Art & antiques – Less than 3%
- Commodities – Less than 1%
Strategic Asset Allocation Breakdown – Global (2023):
- Equities (developed markets) – 24%
- Equities (emerging markets) – 4%
- Fixed income (developed markets) – 16%
- Fixed income (emerging markets) – 3%
- Private equity (direct) – 11%
- Private equity (funds) – 11%
- Private debt – 2%
- Hedge funds – 5%
- Real estate – 10%
- Infrastructure – 1%
- Gold / precious metals – 1%
- Commodities – Less than 1%
- Cash & cash equivalent – 10%
- Art & antiques – 1%
Strategic Asset Allocation Breakdown – Global (2024 Plan):
- Equities (developed markets) – 26%
- Equities (emerging markets) – 3%
- Fixed income (developed markets) – 16%
- Fixed income (emerging markets) – 2%
- Private equity (direct) – 9%
- Private equity (funds) – 13%
- Private debt – 3%
- Hedge funds – 4%
- Real estate – 12%
- Infrastructure – 1%
- Gold / precious metals – 1%
- Commodities – Less than 1%
- Cash & cash equivalent – 9%
- Art & antiques – 1%
Global average asset allocation by region:
- North America – 50%
- Western Europe – 27%
- APAC ex-China – 9%
- Greater China – 8%
- Latin America – 2%
- Eastern Europe – 2%
- Middle East – 2%
- Africa – 1%
Top net asset allocation changes by region in the next 5 years:
- APAC ex-China: +30%
- North America: +29%
- Western Europe: +7%
- Middle East: +3%
- Latin America: +3%
- Africa: 1%
- Greater China: 0%
- Eastern Europe: -3%
Top 6 strategies for diversification:
- Rely more on manager selection &/or active management – 39%
- High-quality short duration fixed income – 35%
- Hedge funds – 33%
- Tilting portfolio towards more defensive geographies / sectors – 27%
- Increasing our amount of illiquid assets – 25%
- High-quality long duration fixed income – 25%
Top 12 investment theme in next 2 to 3 years:
- Artificial intelligence – 78%
- Healthtech – 70%
- Automation & robotics – 67%
- Medical devices – 59%
- Security & safety – 52%
- Green tech – 50%
- Smart mobility – 45%
- Genetic therapies – 40%
- Food innovation – 39%
- Education services – 35%
- Water scarcity – 33%
- Circular economy – 30%
Top 6 Real Estate investments in 2023:
- Direct investments in fully owned physical real estate – 52%
- Co-investments in physical real estate – 19%
- Investments in direct closed-end funds – 19%
- Investments in direct open-end funds – 5%
- Listed real estate (e.g., REITs) – 4%
- Investments in fund of funds – 1%
Top 6 Fixed income investments in 2023:
- Investment-grade corporate bonds – 40%
- High-grade bonds (government, supranational) – 36%
- High yield corporate bonds – 12%
- Emerging market bonds – 6%
- Others (leveraged loans, hybrids, etc.) – 6%
- Inflation-linked bonds – 0%
Duration for fixed income investments in 2023:
- Up to 2 years – 35%
- 2 years to 5 years – 39%
- 5 years to 10 years – 20%
- More than 10 years – 7%
6) Family office Views
Managing portfolio risk in the next 12 to 18 months vs 2023:
- More risk – 18%
- Same risk – 61%
- Less risk – 21%
Views on interest rates:
- Positive real interest rates for longer – 73%
- Real interest rates will fluctuate around zero – 23%
- Will go back to negative real interest rates – 3%
Risks over the next 12 months:
- Major geopolitical conflict – 58%
- Higher inflation – 39%
Real estate correction – 39% - Higher interest rates – 37%
- Global recession – 36%
- Supply chain disruptions affecting the operating business &/or investments – 26%
- Financial market crisis – 26%
- Higher energy costs – 22%
- Technological disruptions affecting the operating business &/or investments – 21%
- Debt crisis – 20%
- Higher taxes – 17%
- Climate change – 12%
- Deflation – 8%
- Migration & impact on the operating business – 7%
- Global health crisis – 5%
- Food crisis – 4%
Risks over the next 5 years:
- Major geopolitical conflict – 62%
- Climate change – 49%
- Debt crisis – 48%
- Financial market crisis – 43%
- Higher taxes – 43%
- Technological disruptions affecting the operating business &/or investments – 40%
- Global recession – 38%
- Higher energy costs – 35%
- Higher inflation – 24%
- Global health crisis – 24%
- Real estate correction – 24%
- Higher interest rates – 24%
- Supply chain disruptions affecting the operating business &/or investments – 22%
- Food crisis – 22%
- Deflation – 16%
- Migration & impact on the operating business – 15%
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