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Family Offices: Global Landscape and Key Trends

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Family Offices: Global Landscape and Key Trends Final report 22/04/2020 Provide a macro overview of Family Offices and global trends within the industry Scope and objectives Offer key learnings from selected best in class family offices 1 Agenda A Overview of the family offices landscape B Global Trends for Single Family Offices C Key Learnings from selected SFOs 2 Agenda A Overview of the family offices landscape Global Trends for Single Family Offices Key Learnings from selected SFOs 3 Scope: We focus on single family offices, which represent 80% of total family offices Share of Single Family Offices in the family office space Four key areas to be covered in this 9% chapter 11% 1• General overview of global wealth 2• Background and history of family offices 80% 3• Dominant investment strategies 4• Overview of enablers (governance and operations) Single family offices Commercial multi family offices Private multi family offices Note: Based on 360 family offices participating in The UBS / Campden Wealth Global Family Office Survey 2019 4 Source: The Global Family Office Report, 2019, UBS and Campden Research 1 General overview of global wealth As of 2018, global wealth stood at around $206 trillion, with almost half of it in North America Wealth distribution across geographies, 2018, in $ trillions 90 $206 44 trillion 37 16 5 4 4 3 2 North Western Asia Japan Latin Oceania Middle Eastern Africa America Europe America East Europe and Central Asia 5 Source: The Global Family Office Report, 2019, UBS and Campden Research 2 Background and history Most family offices were formed in the last 20 years, representing first or second generation … Decade the family office was formed, % Generations served by the family office, % 61% 53% 48% 33% 25% 11% 12% 7% 4% 6% 5% 4% 1% 3% 1% 1% 1st 2nd 3rd 4th 5th 6th 7th Unknown 00s 90s 80s 70s 60s 50s Unknown Pre 1950s Pre 6 Source: The Global Family Office Report, 2019, UBS and Campden Research 2 Background and history … with over half of their wealth generated by finance & insurance, manufacturing, and real estate Primary industry of the operating business of family offices, % Finance and Insurance 21% Manufacturing 16% Real Estate and Rental/ Leasing 14% Management of Companies and Enterprises 9% Technology 6% Diversified / Multiple 6% Retail Trade 5% Agriculture, Forestry, and Aqua-culture 4% Media and Publishing 3% Hospitality and Food Services 2% Energy and Resources 2% Transportation and Warehousing 2% Consultancy 2% Healthcare and Social Assistance 2% Construction 2% Arts, Entertainment, and Recreation 1% Information and Communication 1% Utilities 1% Wholesale Trade 1% Other 3% 7 Source: The Global Family Office Report, 2019, UBS and Campden Research 2 Background and history Overview: Ranking size by AUM reveals domination by North American offices Top family offices by AUM Rank Name Owner (family/person) Total AUM HQ Location 1. Walton Enterprises LLC The Walton Family $167,000,000,000 North America 2. Bezos Expeditions Jeff Bezos $107,800,000,000 North America 3. Cascade Investment Bill Gates $51,000,000,000 North America 4. MSD Capital Michael Dell $31,000,000,000 North America 5. Bayshore Global Management Sergey Brin and Anne Wojcicki $30,100,000,000 North America 6. Emerson Collective Laurene Powell $26,000,000,000 North America Top 10 FOs worldwide 10 FOs Top 7. Euclidean Capital Jim Simons $21,600,000,000 North America 8. Vulcan Inc Paul Allen and Jody Allen $16,000,000,000 North America 9. KIRKBI A/S Kirk Kristiansen family $12,140,300,000 Europe 10. Point72 Asset Management Steve Cohen $11,000,000,000 North America 13. Sunrise Capital Management Shu Ping $7,700,000,000 Asia 17. Portland House Group David Hains $2,300,000,000 Australia and Pacific Top FOs FOs in Top each regioneach 21. Ahmed Salem Bugshan Group Ahmed Salem Bugshan $1,800,000,000 Middle East 8 Source: Sovereign Wealth Fund Institute 3 Dominant investment strategies Globally, more than half of FOs follow a balanced strategy to investment 56% of FOs follow a balanced A percentage that seems consistent However, FOs in emerging markets strategy to investment across different FO sizes prefer balance over growth Distribution of FOs based on investment Distribution of FOs based on investment strategy Distribution of emerging markets FOs based on strategy followed followed and AUM investment strategy followed 67% 56% 57% 56% 54% 25% 25% 26% 27% 19% 19% 19% 19% 18% 15% Growth Preservation Balanced Growth Preservation Balanced Preservation Balanced Growth $250M and less $1B+ Between $251M - $1B 9 Source: The Global Family Office Report, 2019, UBS and Campden Research 3 Dominant investment strategies Family offices invest primarily in equities, private equity, and real estate When it comes to private equity, family offices Current approximate strategic asset allocation investments are present across all key types Percentage of family offices involved in investing in the private equity Commodoties REITS investment type Hedge Funds 3% 5% 1% Cash or equivalent Growth 70% 8% Equities 32% Venture 57% Buyout 55% Fixed income 16% Private debt 49% Real assets 49% Special situation 41% Other 5% 17% 19% Real estate Private equity 10 Source: The Global Family Office Report, 2019, UBS and Campden Research 3 Dominant investment strategies Furthermore, majority of PE investments are through either PE funds or direct investments with an active management role1 More than 60% of PE portfolio are through PE funds or Direct investments with an active management role had direct investments with an active management role the highest annual returns Breakdown of PE portfolio, in % Annual returns across PE portfolio, in $M 14% 16% 13% 33% 12% 9% 22% Direct with an Direct with PE funds PE fund 32% active mgt. role a passive of funds shareholder PE funds Direct with an active mgt. role role PE fund of funds Direct with a passive shareholder role 1. FOs investing directly in companies and being an active shareholder (e.g. board representation, etc.) 11 Source: The Global Family Office Report, 2019, UBS and Campden Research 3 Dominant investment strategies Finally, direct investments were mainly in technology, real estate and rental/leasing, and finance & insurance Top 10 industries of direct investment Percent of FOs directly investing in this sector Technology 49% Real Estate and Rental/ Leasing 42% Finance and Insurance 30% Healthcare and Social Assistance 27% Manufacturing 24% Hospitality and Food Services 21% Agriculture, Forestry, and Aqua-culture 18% Consumer products and retail 18% Construction 17% Information and communications 11% 12 Source: The Global Family Office Report, 2019, UBS and Campden Research 4 Overview of enablers As for governance, family offices implement several structures, and they have a few key governance priorities Share of family offices implementing the governance structure, % Share of family offices that regard the topic a priority, % Definition for strategic 74% 64% asset allocation 62% Control plan for 67% monitoring investments Investment process guidelines 62% 39% 35% 35% Mission statement 54% Analysis and monitoring of 20% 54% market research reports Formally written succession plan 34% Operational manual for decision 30% portfolio construction Risk mgt. Investment Human Control Board re- Inclusion guidelines capital policies design of non- Other 2% oversight family members 13 Source: The Global Family Office Report, 2019, UBS and Campden Research 4 Overview of enablers When it comes to operations, investment related activities seem to constitute the largest portion of FO’s operating costs Investment related activities constitute 38% of FO’s In terms of absolute values, an SFO spent ~$2.2M in 2019 operating costs on investment related activities on average Proportion of operating cost, in % Operating cost for the average SFO, in $M 15% 2.2 1.5 38% 1.2 21% 0.8 Investment Admin. Services General Family 27% related advisory professional activities services services Investment related Family professional activities services General advisory services Admin. Services 14 Source: The Global Family Office Report, 2019, UBS and Campden Research Agenda Overview of the family offices landscape B Global Trends for Single Family Offices Key Learnings from selected SFOs 15 9 major trends are shaping the SFO landscape Description 1 Decline of the global wealth of HNWIs amid market turbulences General Increasing popularity of the FO model and of the share of wealth managed by family 2 trends offices 3 Fast-growing private capital market, with dry-powder reaching an all-time high 4 Major increase in allocation to real estate as families move away from hedge funds Investment 5 Family offices are leaning towards active investment strategy in Private Equity trends 6 Growing interest in sustainability and impact investing 7 Digitalization and transition to AI-enabled tools Enabler trends 8 Increasing focus on attracting, training and retaining talent 9 Cybersecurity becoming a key concern for FOs 16 Source: Team analysis Decline of the global wealth of 1 HNWIs amid market turbulences Global wealth of HNWI1 declined for the first time in 2018 after in 7 years of steady growth, and is expected to further dip due to the covid-19 crisis HNWI1 financial wealth by region, $ trillions 2020 total stock market decline, YTD, as of 22 April 2020 -2.9% 70.2 68.2 -16.0% -25.8% 1.7 S&P500 FTSE100 +8.9% 63.4 1.6 1.5 2.5 2.6 58.0 58.7 8.7 1.4 1.4 2.4 8.4 -17.6% -17.2% 52.6 2.3 8.0 HSI 1.3 2.3 Nikkei 225 7.7 7.4 46.2 2.1 15.9 1.3 15.4 7.7 Key insights 42.1 14.7 CAGR 1.1 1.8 +x% 1.7 13.0 13.6 7.5 .
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