Global Family Office Report 2022 PDF Free Download
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Global Family
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2022
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Exploring new options in
unpredictable times
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Ination, global geopolitics and
high valuations top concerns
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Taking a selective approach
within sustainable investing
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Crypto-curious rather than
crypto-committed
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Costs of family offices’
core activities set to rise
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Private equity a favored
source of return
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With inflation high, central bank liquidity flagging and
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asset allocation. They’re reducing fixed income allocations
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Topping their list of concerns are high and possibly
persistent inflation, alongside unstable global geopolitics –
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Reviewing strategic asset allocation
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Traditional asset classes
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Alternative asset classes
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UP(SFBUFS$IJOBBOEJOUIFSFTUPG"TJB
#ZDPOUSBTU64JOWFTUPSTIBWFJO/PSUI"NFSJDB
XIJMF4XJTTBOE8FTUFSO&VSPQFBOTSFTQFDUJWFMZ
BMMPDBUFBOEUP8FTUFSO&VSPQF
.JOEGVMPGUIFEJTSVQUJWFQPXFSPGUIF’PVSUI*OEVTUSJBM
3FWPMVUJPOGBNJMZPGVDFTBSFJOWFTUJOHJOUFDIOPMPHZ
UBS GFO Report 2022 UBS GFO Report 202220
%JHJUBMUSBOTGPSNBUJPOJTUIFUIFNFUIBU
SFTPOBUFTNPTUBDDPSEJOHUP5IJTTQBOT
FDPNNFSDFEBUB"*UIFDMPVEBOECMPDL
DIBJO3FHJPOBMMZ8FTUFSO&VSPQFBOGBNJMZPGVDFT
GBWPSBEJGGFSFOUUIFNFNFEJDBMEFWJDFTBOE
IFBMUIUFDI
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Uncorrelated returns thought hard to find
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FYQFDUUIFTBNFSFUVSOT
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SFBMFTUBUFJTUIFQSFGFSSFESFQMBDFNFOU
BDDPSEJOHUPKVTUPWFSBGJGUIPGGBNJMZ
PGVDFT#VUUIJTWBSJFTTPNFXIBUEFQFOEJOH
POSFHJPOBMJOWFTUNFOUDVMUVSFT*OUIF64BOE
8FTUFSO&VSPQFQSJWBUFEFCUJTUIFNPTU
QPQVMBSTPVSDFPGVODPOWFOUJPOBMZJFMEBTMPBOT`
SFMBUJWFMZIJHIWPBUJOHSBUFTBOEMPXDPSSF
MBUJPOTXJUIQVCMJDNBSLFUTBQQFBMJOUPEBZ`T
NBSLFUFOWJSPONFOU
’BDFEXJUIUIFFOEPGTFWFSBMEFDBEFT
PGEJTJOGMBUJPOBOEUIFXFBLFOJOHPGUBJMXJOET
UIBUMJ]BMMBTTFUTUIFSF`TBIVOUGPSFaFDUJWFBDUJWF
TUSBUFHJFTUPFOIBODFQPSUGPMJPDPOTUSVDUJPO
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NPSFPOBDUJWFTUSBUFHJFTBOENBOBHFS
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MPPLJOHUPJMMJRVJEBTTFUTBDDPSEJOHUP
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TPNFUJNFTGVOETPGGVOETBOETPNFUJNFT
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8FXBOUUPEPNPSFSFBMFTUBUFCVUIBWFOPUTPGBS˜
"UIJSEPGGBNJMZPGGJDFTVTF
IFEHFGVOETUPEJWFSTJGZPSBSFDPOTJEFSJOHEPJOH
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DPOTJEFSJOHJUQBZJOHGPSEPXOTJEF
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TUSBUFHJFT
UBS GFO Report 2022 UBS GFO Report 202222
8JUIJOWBUJPOTIPPUJOHVQUIFSF`TMFTTSFMJBODFPO
USBEJUJPOBMEJWFSTJVDBUJPOUFDIOJRVFTUPQSPUFDUQPSUGPMJPT
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1) I no longer feel that high-quality fixed income helps
me diversify my overall portfolio risk
2) Illiquidity increases returns
—
3) I’m relying more on active manager selection/active
strategies rather than passive exposure
4) I’m managing portfolio risk more actively
now in comparison to previously
5) I’m willing to accept more risk in future
in order to get the same returns
6) I’m no longer able to build a complete portfolio
with long-only investments
—
7) I’m willing to accept lower returns in
the future for the same risk
8) I invest as I did in the past and
expect the same returns
"DIBMMFOHJOHFOWJSPONFOUGPSQPSUGPMJPDPOTUSVDUJPO
)JHIRVBMJUZGJYFEJODPNF`TSPMFJOEPVCU
1SJWBUFFRVJUZ
BGBWPSFETPVSDF
PGSFUVSO
4FDUJPO
,FZGJOEJOHT
Private equity’s potential for higher returns and its broad
opportunity set are proving more and more popular.
Eight out of ten family offices now invest in the asset class,
as the number rises steadily year after year.
Typically, family offices invest across both direct investments
and funds. While the former are often an extension of
the beneficial owner’s business activities, the latter effectively
diversify risk across managers, strategies and vintages.
In the age of the Fourth Industrial Revolution, the technology
sector is naturally the most common investment destination.
UBS GFO Report 2022 UBS GFO Report 2022
A favored source of return
1SJWBUFFRVJUZTUBOETPVUBTUIFPOMZBTTFU
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TVSWFZPGGBNJMZPGGJDFTSFQPSUFEJOWFTUJOH
VQGSPNJOBOEJO
Why the steady rise?
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JOUIFZFBSUPJO
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XBZGPSGBNJMZPGGJDFTUPHFOFSBUFBMQIBXJUI
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EJSFDUMZJOUPCPUIQSJWBUFCVTJOFTTFTBOEGVOET
JTUIFGBWPSFEBQQSPBDIBNPOHUIPTFXJUI
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4PNFPGGBNJMZPGGJDFTXJUIQSJWBUFFRVJUZ
JOWFTUNFOUTBSFUBLJOHUIJTSPVUFJO
DPNQBSFEXJUIJOBOEJO
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8FTUFSO&VSPQFBOE-BUJO"NFSJDB
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BMNPTUUISFFRVBSUFSTPGUIPTFMJLFMZUP
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VWFZFBSTFYQFDUQSJWBUFFRVJUZUPPVUQFSGPSNQVCMJD
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BSFBMTPJOWFTUJOHUPCSPBEFOUIFJSPQQPSUVOJUZ
TFUUPBDDFTTUZQFTPGJOWFTUNFOUTOPUBWBJMBCMFJO
QVCMJDNBSLFUT
UBS GFO Report 2022 UBS GFO Report 2022
4PVSDF6#4
.PTUGBNJMZPGGJDFTQSFGFSUPJOWFTUJOCPUIGVOETBOEEJSFDUJOWFTUNFOUT
%BUBPOMZGPSGBNJMZPGGJDFTJOWFTUJOHJOQSJWBUFFRVJUZ
’VOETPSGVOETPGGVOETPOMZ#PUIGVOETBOEEJSFDU
JOWFTUNFOUT %JSFDU*OWFTUNFOUTPOMZ
2020 2020 2020 2022 2022 2022
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2020 2022
2020 2022
2020 2022
2020 2022
2020 2022
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GPSNBUJWFJOOPWBUJPO$POTFRVFOUMZUFDIOPM
PHZJTUIFNPTUDPNNPOTFDUPSGPSQSJWBUFFRVJUZ
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TVDIBT*33BOE.0*$DPNQBOZEBUB
BWBJMBCMFMPDBMLOPXMFEHFBOEFYQFSUJTF
UIFFDPOPNJDTFDUPSIJTUPSJDBM
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UBS GFO Report 2022 UBS GFO Report 2022
ˆ*OQSJWBUFFRVJUZUIFNBJODIBMMFOHFJTWBMVBUJPO˜
OPUFTB.JEEMF&BTUFSOGBNJMZPGVDFNBOBHFS
ˆ8JUIBOBCVOEBODFPGGVOETJOUIFMBTUGFXZFBST
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UPKVTUJGZ8FCFHBOHPJOHJOUPFBSMJFSTUBHF
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TBXUIBUXFDPVMEHFUCFUUFSWBMVF˜
Looking to earlier-stage, less expensive assets
’BNJMZPGGJDFTNBJOMZJOWFTUJOFYQBOTJPOPS
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TUBUFUIBUUIFZVTVBMMZJOWFTUJOWFOUVSFDBQJUBM
VQGSPNJOBOEJO
UBS GFO Report 2022 UBS GFO Report 2022
4FDUJPO
4VTUBJOBCMFBOEJNQBDU
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TFMFDUJWFBQQSPBDI
,FZGJOEJOHT
Just over half of family offices have sustainable invest-
ments: as allocations stabilize, they’re refining their purpose
and the objectives they want to reflect.
Due diligence is intensifying as they seek to avoid green-
washing, measure impact and define their approach.
Exclusions remain the most common tool, continuing
to surpass environmental, social and governance
(ESG) approaches such as integration and stewardship,
that are growing more popular with other types of
institutional investors.
Increasing due diligence
.PSFUIBOIBMGPGGBNJMZPGGJDFTBMMPDBUF
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BOETUBOEBSETBSFTIBSQFOJOHUIFEFGJOJUJPOPG
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UBS GFO Report 2022 UBS GFO Report 2022
4IBSFPGGBNJMZPGGJDFTJOWFTUJOHTVTUBJOBCMZSFNBJOTVODIBOHFE
.PSFUIBOIBMGJOWFTUTVTUBJOBCMZXJUITJHOJGJDBOUSFHJPOBMWBSJBUJPOT
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UBS GFO Report 2022 UBS GFO Report 2022
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SJHIUUIJOHUPEPGPSUIFXPSME
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&BTUFSOGBNJMZPGGJDFNBOBHFSˆ8FBMXBZT
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Considering options
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UBLFUJNF
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UIBODSZQUPDPNNJUUFE
4FDUJPO
,FZGJOEJOHT
UBS GFO Report 2022 UBS GFO Report 2022
Monitoring distributed ledger technology’s
advances rather than crypto investing
.JOEGVMPGIPXUIFJOUFSOFUTQBSLFEBOFDPOPNJD
SFWPMVUJPOZFBSTBHPGBNJMZPGGJDFTBSF
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UBS GFO Report 2022 UBS GFO Report 2022
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UBS GFO Report 2022 UBS GFO Report 2022
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Exploring potential
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Typically, family offices focus on where they can add most
value – strategic asset allocation and risk management –
as well as the key control function of financial accounting
and reporting.
As they compete for qualified staff in these areas,
family office costs are expected to rise in the next three
years, lifted by salaries and bonuses.
IT costs are also expected to rise, as spending increases
on software, platforms and cybersecurity.
UBS GFO Report 2022 UBS GFO Report 2022
Staff expected to drive rise in costs
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UBS GFO Report 2022 UBS GFO Report 2022
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UBS GFO Report 2022 UBS GFO Report 2022
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UBS GFO Report 2022 UBS GFO Report 2022
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Returning to the theme of uncertainty, in the words of
one UK family office manager, “with high inflation likely to
remain persistent, it feels very different.” While there are
many different views about when and by how much today’s
high inflation will ease, many family offices agree
that fixed income no longer serves so well as an anchor
for diversifying portfolios.
That’s driving a quest for diversification in private markets
and higher expected returns, which can lend itself to
CFOFVDJBMPXOFST`FOUSFQSFOFVSJBMUBMFOUTGPSBEEJOHWBMVF
Yet valuations are often high, encouraging a tendency
for investing in earlier-stage assets.
There are no easy options. As the UK executive remarks:
“Do we have a magic bullet? No.” Our survey shows that
family offices are using the full range of options –
from illiquid investments in private markets to active
management in public markets.
UBS GFO Report 2022 UBS GFO Report 2022
6OJUFE4UBUFT
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UBS GFO Report 2022 UBS GFO Report 2022
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UBS GFO Report 2022 UBS GFO Report 2022
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UBS GFO Report 2022 UBS GFO Report 2022
Net worth averaging USD 2.2 billion
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4JHOJGJDBOUMZUIFUPUBMXFBMUIDPWFSFECZ
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2020 2022
CO
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globally
2020
2022
UBS GFO Report 2022 UBS GFO Report 2022
UBS GFO Report 2022 UBS GFO Report 2022
Net worth averaging USD 2.2 billion
Regional split
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Operating businesses
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Methodology
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UBS Evidence Lab
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Research team
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(BCSJFMF4DINJEU6#4(MPCBM8FBMUI.BOBHFNFOU
Editor
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Acknowledgements
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(SHPJSF3VEPMG
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Design
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