1 THE GLOBAL FAMILY OFFICE REPORT 2016 Great WealthUBS Disclaimer A number of sources were utilized to research and profle the characteristics of family offces. These were blended into a mosaic analytical framework from which Campden Wealth Limited conducted extensive modelling and analysis. This information and data is part of Campden Wealth Limited proprietary data and analytics structures and are non-commercial in nature and specifcally non attributable regarding the identity of any underlying family offces and individuals. This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice of any kind. You should not act upon the information contained in this publication without obtaining specifc professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, neither Campden Wealth Limited nor any affliate of the UBS Group accepts or assumes any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. No affliate of the UBS Group or any of their employees provide tax or legal advice. You should consult with your personal tax or legal advisor regarding your personal circumstances. No affliate of the UBS Group accepts or assumes any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. Campden Wealth Limited and UBS Switzerland AG are not affliated. UBS Switzerland AG is a subsidiary of UBS AG. Campden Wealth Limited refers to the Campden Wealth Limited network and/or one or more of its member frms, each of which is a separate legal entity. registered and unregistered trademarks of UBS. All rights reserved. In addition, Campden Wealth notes:
The contents of this publication are protected by copyright. All rights reserved. The contents of this publication, either in whole or in part, may not be reproduced, stored in a data retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without written permission of the publisher. Action will be taken against companies or individual persons who ignore this warning. First published in 2016 by Campden Wealth Limited 30 Cannon Street, London, EC4M 6XH, United Kingdom Campden Wealth Limited T+44(0)2037632800 Eenquiries@campdenwealth Wcampdenwealth Printed by Reyvis Limited, Kent, United Kingdom ISBN 978-0-9935194-2-0 Global Family Offce Report 2016 13-SepCONTENTS PRELIMINARIES Forewords Executive Summary About Family Offces Global Overview of 2016 Participants Regional Overview of 2016 Participants INVESTMENTS 1. Allocations 2. Focus on Private Equity, Real Estate and Hedge Funds Private Equity Real Estate Hedge Funds 3. Performance STRUCTURES 4. Costs 5. Services 6. Human Capital PURPOSE 7. Succession and Survival 8. Accountability 9. Philanthropy CONCLUSION APPENDIX LIST OF FIGURES ABOUT 04 04 06 0816 22 24 30 30 32 33 34 3 840 42 46 4 850 54 5 862 6 872 74Dear reader, We at UBS are delighted to support the publication of The Global Family Ofce Report 2016 . The report has become the global standard for benefcial owners and family offce professionals seeking guidance on how to run their family offces more efectively. Providing a detailed set of benchmarks showing how other family offces operate, it can ofer useful support in successfully managing fnancial and generational goals. Three fndings of this year’s report stand out in comparison with 2015:
- Investment performance was weak, with the lowest returns in three years. The largest negative impact was derived from liquid market instruments. In this diffcult environment family offces continued to focus more on illiquid investments such as private equity and real estate. We see this trend playing out in the market. There is a strong tendency for families to buy real assets and make direct investments where they can exercise control. This strategy only works well, however, when adequate resources and know-how are available. - Regional diferences in strategic asset allocation highlight a high degree of dispersion in risk taking. US family offces are the most optimistic, with a big move to ‘growth’ allocations. Emerging market participants are much less stressed than in 2015 and have cut their ‘preservation’ allocations dramatically. Asia is broadly neutral compared with the prior year. Europe is standout negative, with its risk-of stance demonstrated by increased ‘preservation’ allocations and a cut to ‘growth’ allocations. - Succession warrants more attention as a risk factor. According to the report,43% of family offces expect a generational transition within the next 10 years. Our experience is that the risk of disruption from this transition should not be underestimated. It is the number one reason for benefcial owners to make changes to their family offce structure and management team. The UBS Global Family Offce Group continues to experience business growth, and we remain committed to serving family offces across all global markets. We hope you fnd the report useful, and welcome any feedback you have on the 2016 edition. We sincerely thank all those who participated in the survey and provided us with such valuable insights. Yours faithfully, Philip Higson Vice Chairman, UBS Global Family Offce Group FOREWORDS
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