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Family Office Report

Family Office Report

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Published by confidentialgent

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categoriesBusiness/Law, Finance
Published by: confidentialgent on Dec 27, 2010
Copyright:Attribution Non-commercial

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06/27/2013

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2009 
The Family Office Report is a freeresource created by the Family OfficesGroup for family office professionalsand those businesses that work withfamily offices.Sponsored by:
 
FamilyOfficesGroup.com
 
FamilyOfficesDatabase.com
Family Offices Group.com 
 
 
FamilyOfficesGroup.com | FamilyOfficesDatabase.com 
Page 2
Sponsored by:
 
 
FamilyOfficesGroup.com | FamilyOfficesDatabase.com 
Page 3
Single Family Office Investment Performance
Just found a recent article on the performance of investments made ofsingle-family offices claiming that their returns were likely below those ofother high net worth individuals. First off it is important to note whendiscussing single family offices that they need not relay their performance to anyone andoften will not return the phone calls of journalists, publicists or surveys seekinginformation. This means that any reporting on this sector is skewed at best.I believe the article noted below to be off base in several ways. First, singlefamily offices conduct more due diligence on hedge fund investments than their high networth peers so if we are really comparing apples to apples here it would be hard tobelieve that those who conducted 4-10x as much research on their investments wouldperform worse in the markets. Second, single-family office HNW individuals are morelikely to have their investments more diversified and invested in less straight equityportfolios. While diversification may not have helped much over the past year it couldprevent 60%+ drops in portfolio value seen within some concentrated equity portfolios.The last reason why I believe this article is off base is because it refers to alternativeinvestments made by single-family offices as a negative aspect of them. Recentperformance indicators by the HFR and HedgeFund.net show that hedge funds haveoutperformed equities...would being in hedge funds then be an advantage?Here is the article referenced above:
Dugan said: ―In many cases the credit crunch has hit family offices harder than the highnet worth.‖
 He said that the tendency of single family office portfolios being highly exposed toalternative investments
 –
which in some cases last year comprised as much as 50% ofinvestments in hedge funds, private equity and other alternatives
 –
has hit the verywealthy harder.Alternatives are expected to comprise a significantly smaller proportion of family officeportfolios in the next few years, said Dugan, who made his comments at the release of areport by Merrill Lynch and Campden Research, a London-based publishing company,into single-family offices in Europe. source 

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