Family Offices Are Secret Billionaires To Overcome The Storm Of The 2020s

Single-family businesses, the financial companies set up to control the assets of the world’s wealthiest, made a lot of money during the coronavirus pandemic.

According to the UBS Global Family Office Report, more than three-quarters (76%) of Family Offices have reported that their portfolios have met or exceeded expectations so far this year.

Only 13% of them lost money during the worst weeks of the coronavirus pandemic, and most have already recovered from these losses. According to UBS, a Swiss bank, some family offices actually borrowed money between March and May to take advantage of cheaper offers.

Spurred by the pandemic, Josef Stadler, head of the Global Family Office at UBS Global Wealth Management, said: “We expect to see big moves in the coming months. Stocks and real estate should be invested in stocks and shares. Real estate, according to the report, almost half (45%) said they would buy more gold.

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Normally, only the wealthy have a single family office. Costs vary, but most advisers say that you need at least $ 100 million to create one. Most of their owners are billionaires.

In its report, UBS interviewed 120, which, among them, provide $ 142.4 billion. However, in a report from last year, Campden Research estimated that there were 1,700 worldwide, most in the United States followed by Europe, although Asia is catching up.

A single family office can range from a small team of half a dozen employees delegating money management to others. The largest resemble a personal bank, with dozens or hundreds of employees involved in multi-billion dollar transactions worldwide.

These larger single-family offices have “institutional profiles,” says Stadler. Their investment processes resemble those of the big banks and “embrace and manage risk like no other investor”.

Earlier in July, billionaire John Paulson said he was closing his hedge fund, John Paulson & Co., and making it one of the largest family offices in the world. With more than 100 employees, he will now manage only Paulson’s personal wealth, estimated by Forbes at $ 4.2 billion.

With increasing financial weight, family offices are starting to conclude mergers and acquisitions worthy of investment banks. These “club deals” are often negotiated between several family offices pooling their money.

On the other hand, single-family homes can be swallowed up by their biggest competitors: multi-family homes. In April, when the stock markets were at their worst, Stonehage Fleming, the largest multi-family office in Europe, bought Cavendish Asset Management, the family office of the Lewis family.

But the worst of the coronavirus pandemic may not be over yet, and many Family Offices are hastily rebalancing their asset allocations to manage long-term risks, says the Global Family Office Report.

These will no doubt be points of discussion at the 11th World Summit on Family Office Investment to be held in Monaco on July 28. It has been touted as a $ 4.5 trillion wealth gathering, but that number may now be higher.

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