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      "text": "The financial crisis of 2008-09, and the fallout from it, has led families to reconsider their approach and behavior toward risk. In broad terms, there has been a shift from too much risk-taking before the crisis to too little after the crisis. Such subjective perceptions of risk can only be avoided through a stringent and structured risk management process focusing on long-term goals. Furthermore, there is today a greater requirement for additional due diligence procedures for large investments, as well as a desire for more transparency during the investment process.",
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      "text": "Against this background, family offices are tasked with complementing their existing standard risk measures with additional techniques, often resulting in additional portfolio analysis tools combined with scenario analyses for the different asset classes. The risk management function within the family office is increasingly moving away from a mere controlling role to a time-critical strategic advisory role. This trend also has a significant impact on make-or-buy decisions in the family offices.",
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      "text": "The maintenance of family wealth across generations is an extremely complex task. The recent global economic difficulties have been unprecedented, and families with significant business assets or private wealth obviously have a desire to stabilize their wealth against this background. For wealthy families in Europe, the uncertainty and volatility coming from legal, fiscal and political difficulties, coupled with the weakness of the euro, have added to their problems. Many of them have been concerned with risks such as the permanent loss of capital, counterparty and credit risk and lack of liquidity.1 Consequently, with the aim of securing their family legacy over generations they have changed their perception of risk and the definition of risk itself.",
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      "text": "This new demand for risk transparency has led to the desire to invest more in direct investment opportunities and in real assets, rather than complex financial capital market products. How easy investment products are to understand, proximity to the investments and the possibility to have a real influence on the investment are more sought after now than ever before. Long-term investments with lower volatility and a moderate expected return",
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      "text": "1. Back to Business, Family Offices Adapt to the New Normal, UBS/Campden Wealth, 2012, p.40.\n2. Building a Family Enterprise Plan to Deal with Future Uncertainty, Family Office Exchange, 2012, p.22.",
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