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  "documentTitle": "ey family office study client deck asia pacific",
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      "text": "In summary, while the family office space is growing and evolving quickly, several building blocks can be identified as forming the key components of a family office investment process.",
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      "text": "Consideration of how legacy issues determine the starting point of the fund\nObjective setting and creation of an investment policy statement\nMapping risk tolerances\nBuilding a portfolio structure across all liquid and illiquid assets\nImplementation using strategic and tactical investment tools to ensure that investment solutions fit the goals and objectives and meet cash flow needs\nGovernance\nRebalancing",
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      "text": "36 EY Family Office Guide Pathway to successful family and wealth management",
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      "text": "Family offices are different from other organizations, in that there is often a greater and more irregular call on the investment portfolio. Family members request funds for business-related or private equity stakes, philanthropic and impact investments, or ongoing expenses. In this respect, being able to model the impact of cash flows on an overall investment portfolio is important, and experience suggests that the focus on yield and cash flow tends to be higher for family offices than for other client types. Accordingly, families should consider their overall liquidity needs carefully during the portfolio construction process.",
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      "text": "The implementation and governance quality is crucial. From an investment point of view, how a portfolio is implemented must be consistent with its objectives and portfolio structure. Having a formal investment policy statement in place is an important step in maintaining an appropriate governance structure. In addition to reviewing the family's goals and objectives, it is vital to review asset allocation. This can be done by re-running asset allocation diagnostics on portfolios at least once a year, in order to make sure that they perform as initially prescribed. Governance and transparency are also very important, and regular meetings and calls between principals, the family office staff and external advisers will help to clarify broad macro views, turning points in strategy, and issues relating to implementation.",
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