瑞银最新披露：317个家族办公室的资产配置密码

Core Insights - UBS's report highlights that family offices are actively seeking structural growth opportunities despite a complex economic environment [1] - The report is based on a survey of 317 family offices globally, with an average asset management of $1.1 billion [1] Asset Allocation: Structural Growth and Diversification - The allocation to developed market equities increased from 24% in 2023 to 26% in 2024, with 35% of family offices planning to raise this to 29% by 2025 [2] - Private debt allocation doubled from 2% in 2023 to 4% in 2024, with plans to increase to 5% by 2025 [2] - Private equity allocation decreased from a peak of 22% in 2023 to 21% in 2024 due to a sluggish capital market [2] Cash Allocation Trends - Cash allocation decreased from 10% in 2023 to 8% in 2024, with a further decline to 6% expected by 2025 [3] - Gold and precious metals allocation rose from 1% in 2023 to 2% in 2024, indicating a growing demand for safe-haven assets [3] Regional Preferences: Domestic Focus and Emerging Market Opportunities - North America and Western Europe account for 79% of global family office allocations, with a slight increase from the previous year [4] - 28% of family offices plan to increase investments in India, while 18% are looking to invest more in mainland China [4] Challenges in Emerging Markets - 56% of family offices cite geopolitical risks as a primary challenge in investing in emerging markets [5] - The allocation to emerging market equities and fixed income remains low at 4% and 3%, respectively [5] Future Risks and Management Strategies - 70% of family offices view global trade wars as a significant investment risk for 2025 [6] - 40% of family offices are relying more on investment managers for selection and active management as a risk management strategy [6] Investment in New Technologies - Family offices show higher familiarity with healthcare and electrification, with 35% and 29% having clear investment strategies in these areas [6] - 75% of family offices believe that the banking and financial services sector will be the main beneficiary of generative AI applications [6] Intergenerational Wealth Transfer Challenges - Only 53% of family offices have established wealth transfer plans, with significant regional disparities [7] - The complexity of wealth transfer increases with the size of the family office, with larger offices facing more challenges [7] Observations on China's Family Offices - The rapid economic development in China has led to a growing demand for family offices, particularly for wealth transfer tools [8] - Chinese entrepreneurs are beginning to delegate management to the next generation while still actively participating [8]