Family offices that oversee assets for ultra-high net worth families made few strategic changes in response to the 2008 meltdown and subsequent volatility. They mainly effected tactical adjustments, such as increasing liquidity and cash reserves. Family offices also placed more emphasis on capital call projections.
That’s according to a survey of 40 single family offices in the US and Europe conducted in 2011 by Cambridge Associates, the global provider of independent investment advice and research to institutional and private investors. The multi-year survey focuses on family office compensation, governance and risk management practices. The median asset size of the family offices in the survey was USD534 million, and participants represented a mix of Cambridge Associates clients and other family offices that work independently or with other advisors.