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  "documentTitle": "ey family office study client deck asia pacific",
  "authorId": "MorganStanley",
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      "text": "Background\nHow do family offices invest their principals' money? There are no fixed investment regulations that apply. Family offices tend to follow their own individual investment policies, because, unlike banks and other financial service providers, they are generally subject to the more relaxed regulations applicable to companies, trusts and foundations. However, the degree of freedom enjoyed by family offices is reduced in proportion to the level of services provided by third parties and the number of families served by the family office.\n\nFamily offices can often diversify their assets very broadly, much more than institutional investors can, thanks to the amount of assets under management. Family offices are also generally better able to think and invest on a more long-term basis, and they primarily pursue wealth preservation in order to pass on assets to the next generations. Many prefer direct investments, and where organizations have an entrepreneurial principal, they are more likely to get directly involved in the investment process. More than a third of those surveyed would be glad to contribute to the planning stage of their investments.\n\nMany family offices take an open approach to their investment policy and try to avoid conventional investment paths. This can be seen in the way that many invest in alternative investments, such as yachts, horses, art, forests and farmland, or car, wine or watch collections. This enables them to spread risks while reflecting the personal preferences and passions of family members.\n\nThe growth of family offices is a relatively new trend, and because of the diverse origins of many family fortunes and the different backgrounds of CIOs, it is difficult to pinpoint a uniform family office investment process. Very broadly, the process should first set out an investment \"road ahead\", listing goals and risk tolerance, and resolving issues relating to business shareholdings and family member stakes. The next phase is to establish the portfolio structure (i.e., how much in equities, real estate, etc.) to deliver the risk/return trade-off the family requires. Implementation and governance then follow - finding the appropriate investments to make up the portfolio, and overseeing their performance.",
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      "text": "1. Credit Suisse, Family Business Survey, September 2012.\n2. Ibid.",
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      "text": "Section 9",
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      "text": "The investment process",
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