After a busy run of conferences and events, I finally had the chance to sit down with Citi’s 2025 Family Office Report. It is always interesting to see what is happening at the big end of town globally, and this survey of 346 family offices with an average net worth of $2.1 billion provides a great snapshot.

A few highlights that stood out to me:

• Despite the uncertain backdrop, family offices remain positive about portfolio returns. Around 30% expect 12-month returns of 10–15%, with another 8% forecasting more than 15%. That is a fairly bullish stance.
• Trade tensions overtook interest rates as the top concern this year, followed by US-China relations and inflation.
• In response to concerns, 39% of family offices said they were leaning into active management and shifting towards asset classes they viewed as more defensive.
• Private equity was the big winner, with those increasing allocations outweighing those reducing exposure by 26%.
• In terms of asset allocation, public equities (27%), fixed income (15%) and cash (13%) remain the core holdings, although all three edged slightly lower compared to last year.
• Alternatives continue to take up around 40% of portfolios, with private equity (20%) and real estate (14%) doing the heavy lifting. Hedge funds and PE crept up, and digital assets edged in from 0% to 1%.

• Geographically, North America still dominates with 60% of allocations. Europe (17%) and Asia Pacific excluding China (13%) both ticked up 1%, while Latin America (3%) slipped 2%.
• Outsourcing is growing as family offices utilise external expertise to manage complexity in a cost-efficient way, particularly when it comes to research, asset allocation and investment management. It is a trend that aligns closely with how I work with clients.

For those who want to dive deeper, the full report is here: Citi Family Office Survey. It is well worth a read.

Kind regards,

Shelley Marsh
Outsourced Chief Investment Officer (OCIO) & Founder
Wealth Differently

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