1、2019 The Global Family Office Report UBS Disclaimer This document has been prepared by Campden Wealth Limited and is for personal use only. A number of sources were utilized to research and profile the characteristics of family offices. These were blended into a mosaic analytical framework from whic

2、h Campden Wealth Limited conducted extensive modelling and analysis. This information and data is part of Campden Wealth Limiteds proprietary data and analytics structures and are non-commercial in nature and specifically non-attributable regarding the identity of any underlying family offices and i

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10、ealth Limited are under no obligation to update or keep current the information contained First published in 2019 by Campden Wealth Limited 30 Cannon Street London EC4M 6XH United Kingdom Telephone +44 (0) 20 3763 2800 Email Web ISBN: 978-1-9993399-4-4 Global Family Office Report 2019 60030E herein.

11、 Any charts and scenarios are for illustrative purposes only. Historical performance is no guarantee for and is not an indication of future performance. Some charts and/or performance figures may not be based on complete 12-month periods which may reduce their comparability and significance. This do

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14、affiliated with UBS. Campden Wealth Limited 2019. All rights reserved. Campden Wealth Limited refers to the Campden Wealth Limited network and/or one or more of its member firms, each of which is a separate legal entity. UBS 2019. The key symbol and UBS are among the registered and unregistered trad

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16、r 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. The information set forth herein has been obtained from sources which we believe to be reli

17、able, but this is not guaranteed. This publication is provided with the understanding that the authors and publisher shall have no liability for any errors, inaccuracies or omissions therein and, by this publication, the authors and publisher are not engaged in rendering consulting advice or other p

18、rofessional advice to the recipient with regard to any specific matter. In the event that consulting or other expert assistance is required with regard to any specific matter, the services of qualified professionals should be sought. Disclaimer Contents Preliminaries 02 Forewords 04 Executive Summar

19、y 1. The Family Office Landscape 07 1.1 Introduction 08 1.2 Overview of Participants 2. Family Office Investments 15 2.1 Family Office Allocations 15 Investment Strategy 16 Asset Allocation and Year- on-Year Changes 20 Expected Allocations for 2020 21 Preparing for the Future 21 Portfolio Leverage 2

20、5 2.2 Family Office Asset Class Focus 25 Private Equity 29 Real Estate 31 Sustainable Investing 33 Impact Investing 37 2.3 Family Office Performance 3. Taking the Pulse 45 3.1 Geo-Politics and the Economy 47 3.2 Climate Change and Sustainability 48 3.3 Social and Economic Inequality 49 3.4 Technolog

21、y and Transformation 4. A Regional Outlook 52 4.1 Europe Family Office Highlights 54 4.2 North America Family Office Highlights 56 4.3 Asia-Pacific Family Office Highlights 58 4.4 Emerging Markets Family Office Highlights 5. Family Office Structures 62 5.1 Family Office Costs 67 5.2 Family Office Hu

22、man Capital 6. Purpose 71 6.1 Governance, Risk, and Cyber Security 76 6.2 Family Office Succession Planning and the Next Generation 81 6.3 Philanthropy 7. Conclusion 85 7.1 Advice for the Future The Global Family Office Report 2019The Global Family Office Report 20192 of 873 of 87 Dear reader, In th

23、e last decade or so, the global family office space has gone from strength to strength. Despite heightened geo-political, economic, and financial market turbulence, family offices have experienced a rise in number, scale, and sophistication. To help family offices on their journey, we continue in ou

24、r efforts to make each Global Family Office Report more in-depth, pertinent, and insightful than the last. To highlight some of the key findings for 2019, we can report Family offices average investment portfolio struggled to meet expectations in nine out of 13 asset classes this year, with the glob

25、al average portfolio performance coming in at 5.4% (Q1/Q2 2018 Q1/Q2 2019). With 55% of family offices surmising that we are going to enter into a recession by 2020, nearly half are battening down the hatches and realigning their investment strategies to mitigate risk (45%), increasing their cash re

26、serves, and / or preparing to capitalise on opportunistic events (42% each). Meanwhile, others are looking to the longer-term and injecting further funding into sustainable and impact investing, with over a third of family offices now engaged in sustainable and a quarter in impact investing. With pr

27、edictions from these investors that about one-third of their average portfolios will become sustainable and one-quarter impact within the next five years, this is an important space to both watch out for and to assist family offices with, as the future unfolds. Another area of growth that continues

28、to influence not only the family office space, but the business community more widely, is technology. A notable 87% of respondents agree that artificial intelligence will be the biggest disruptive force in global business, while 56% agree that blockchain technology will fundamentally change the way

29、we invest. These findings are a small sample of the useful information that has been compiled this year. Many thanks to all the family office executives who took part in this research, providing valuable contributions, made to benefit the whole community. A special thanks as well to our partner, UBS

30、, and to the Campden Research team, who worked most diligently to create this report. With that said, we hope you enjoy the read. Dear reader, At UBS, we constantly strive to improve the quality of the information we deliver to clients. The Global Family Office Report is no different. This year, our

31、 aim was to shed more light on what family offices have been thinking about macro trends in politics, business, society and the environment. The following pages reveal a degree of cautiousness and in some cases, discomfort over geopolitical tensions and the short-term impact these could have on fina

32、ncial markets. In response to this, weve found that many family offices are now re-thinking aspects of their investment strategies. But the long-term direction of travel is consistent. Our findings revealed that private equity and real estate remain in vogue, with a growing preference to invest dire

33、ctly and take operational control. Its interesting to see this hands- on approach translate into outperformance. In the case of private equity, direct investments where the family office played an active role in managing the business delivered a 16 percent return last year. The equivalent figure for

34、 private equity funds was 11 percent. Another trend that continues to build momentum according to the findings is the adoption of sustainable and impact investing. In the words of one executive, “this is not a passing fad”. While many family offices believe there are still challenges to overcome in

35、this space, sustainable and impact investing are now widely seen as proven concepts that should be utilized. So, while there is a palpable sense of caution, we can also see a confidence among family offices that they can be bold and use their illiquidity advantage to see out any short-term disruptio

36、ns in financial markets. Elsewhere in the report, its encouraging to note a strong uptick in succession planning. This is a complex issue spanning business, investments and family relationships, and it is not easy to get right. Written plans are important, but they should be considered as part of a

37、broader process of preparing the next generation to take control. We hope you enjoy this report and would like to thank all the families, executives and advisors who contributed their insights. Forewords Yours faithfully, Sara Ferrari Head UBS Global Family Office Group Yours faithfully, Dominic Sam

38、uelson Chief Executive Officer, Campden Wealth SUCCESSION Life begins at forty! INVESTMENT Returns fade The average age a next generation member assumes control of the family enterprise is 45 years old, with 62% of all Next Gens being 40 or older at the time of succession. recession by 2020. In prep

39、aration for the next economic downturn, 45% are realigning their investment strategies to mitigate risk, while 42% are increasing their cash reserves. MARKETS Recession fears loom Taking a dive from last year, developed market equities produced an average return of 2.1%: falling 5.2 percentage point

40、s below expectations. Developing market equities returned -1.1%, trailing 10 percentage points behind expectations. EQUITIES Slowing down investment performance fell over the last year, with the average returns at 6.2%, followed by North America at 5.9% and Europe at 4.3%. SUSTAINABLE INVESTING Sowi

41、ng the seeds CYBER SECURITY 1 in 5 on the hook investing, with 19% of the average portfolio dedicated to sustainable investing. It is predicted that this average portfolio share will increase experienced a cyber security attack. The most common forms of attack are phishing (76%), malware (33%), and

42、social engineering (33%). TECHNOLOGY Disruptive forces: AI 80% of which are single family offices and 20% multi-family offices. New additions to the report Capturing a sizeable 4% of the entire single family office universe, this years report offers information about a host of topics that are pertin

43、ent to family offices, including investments, performance, sustainability, operational costs, governance, succession planning, cyber security, and more. This year, we have also introduced two new chapters. The first is dedicated to regional trends, with a plethora of new information about family off

44、ices in North America, Europe, Asia-Pacific, and the Emerging Markets. The second is a look into the attitudes of family office executives from around the world on hot topics relating to economics, politics, technology, social equality, the environment, and the evolving family office space. Methodol

45、ogy The Global Family Office Report uses a mixed method, qualitative and quantitative research approach. In addition to 25 interviews that were conducted with senior family office executives from around the globe, 360 surveys were collected between February and May 2019 from family offices worldwide

46、. In turn, the quantitative findings within this report are relevant from the date of collection. One caveat to this is, however, the performance data. To ensure that the most up-to-date data was obtained, respondents were asked for their average performance for the 12 months prior to their particip

47、ation in the survey (i.e. Q1/Q2 2018 Q1/Q2 2019). In previous years, the performance data came from global indices, not directly from family offices, therefore one can expect a degree of variation between the performance figures denoted in this years report versus last years. The method for reportin

48、g year-on-year data has also been updated. In previous years, the term multi- year participants was used to identify statistics that showed the difference in findings between the present year and the previous year. In doing this, only those family offices which completed the survey for both years we

49、re included, which typically amounted to roughly one-third of the overall sample. In order to increase the sample size to give greater weight to the findings, family offices this year have instead been asked to provide data for both 2018 and 2019. 7 of 87 1. The Family Office Landscape 1.1 Introduction 1.2 Overview of Participants The Global Family Office Report 2019The Global Family Office Report 2019 1.2 Overview of Participants Figure 1.2 Regional market breakdown of the core famil