The most comprehensive family-first study of its kind, the IMD-FNB Global Family Office Report, is now available and we are proud to have been contributors.

Family offices are experiencing a profound transformation. Once quiet back-office structures, they have become strategic engines at the heart of family wealth, legacy, and innovation. How do family offices evolve, adapt, and redefine themselves as families grow, generations shift, and the pace of change accelerates?

A few highlights:

There are very few conversations about the market these days that do not include a reflection over whether the US equity market is in a bubble. Recent market gyrations reflect the unease investors have as performance continues to be strong. This is despite mixed signals from economic activity and a level of policy uncertainty that would normally be a deterrent to long term decision making. We think it is naïve to be complacent about valuations, but it is equally problematic to panic.  

Investors have grappled with the question of currency allocation this year, triggered by the sharp depreciation of the dollar against most major currencies. While a sharp currency move is understandably a source of concern, we think it is important for investors to think about the various underlying questions before considering portfolio reallocations to reflect views on particular currencies.