FUNDRAISING NEWS | September 26, 2024
Family offices are shifting from caution to confidence in 2024, bolstered by strong equities performance this year and continued interest in alternative investments, according to a new report by RBC Wealth Management and Campden Wealth.
The North America Family Office Report 2024, reports that family offices are forecasting strong financial performance, with more than 40% expecting investment returns exceeding 10%. That echoes the sentiment of Citi Private Bank’s own recently published family office report, where nearly half of respondents also said they are anticipating returns of over 10%.
The RBC/Campden report, which surveyed 183 family offices in North America, highlights key factors driving this optimism. Developed market equities, which represent 22% of the average family office portfolio, have outperformed expectations, buoyed by a 15% rise in the S&P 500 and a 20% surge in the Nasdaq. Additionally, private markets remain a cornerstone of family office strategies, with a particular focus on private credit and direct lending, offering resilient, income-generating opportunities despite underperformance in venture capital and real estate sectors.
As family offices diversify, there is growing interest in defense, technology, and cybersecurity investments, reflecting global geopolitical concerns. The report also signals an acceleration in intergenerational wealth transfer, with 60% of family offices anticipating wealth transitions within the next decade.
While many family offices expressed satisfaction with their investment functions, areas such as succession planning and fostering collaboration among family members remain challenges. Nonetheless, the report adds to the emerging picture of an increasingly optimistic family office landscape.
Access the full report here.
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