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  "documentTitle": "ey family office study client deck asia pacific",
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  "notes": "The diagram highlights the delegation of authority from the principal to various agents, with shading indicating the intensity of principal-agent concerns.",
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      "text": "In summary, successfully navigating concerns between principals and agents is not an easy task for families. But they can mitigate these tensions by implementing appropriate governance structures and incentive contracts.",
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      "text": "Decision-making process matrix showing Principal, Trustees, Internal investment team, Fund manager, and Asset roles across In-house managed, In-house advised, and Outsourced models.",
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      "text": "Another challenge that families face is balancing the trust-versus-expertise trade-off while selecting between in-house and external heads for family offices...",
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      "text": "How fund managers think they will be evaluated also imposes decision-making constraints. In a highly outsourced family office setup, there is usually a long chain of investment decision-makers between the principal and the agent...",
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      "text": "Note: The lighter the shade, closer are the principal-agents. Deeper shade indicates higher level of principal-agent concerns. Source: World Economic Forum, Future of Long-term Investing, 2011.",
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      "kind": "title",
      "text": "Figure 5.3. Illustrative family office decision-making process",
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