Billionaires are seeking to make tactical changes by reallocating their cash from stock markets to private equity assets with lower liquidity, after they recorded gains from the recovery from March to May, an investment ba nk says. The UBS Global Family Office Report 2020, surveyed principals and executives in 121 family offices around the world. The sample is of single-family offices, covering a total net worth of US$142.4 billion (HK$1.11 trillion), with the individual families’ net worth averaging US$1.6 billion, significantly larger than that of any other comparable study. A majority, or 76 percent, of respondent family offices said that their portfolios have now performed in line with, or above, target benchmarks, and family offices are making tactical portfolio changes in response to market dislocations amid the coronavirus pandemic. Also, more than three-quarters of family offices invest in private equity, with 69 percent viewing it as a key driver of returns, according to the report.

Source: The Standard July 16, 2020 09:26 UTC