Wealth Management Survey: Family Offices Turn Bearish, Favor Cash and AI
Summary: A survey by RBC Wealth Management and Campden Wealth reveals that investment firms for ultra-wealthy families have adopted a cautious, bearish stance following April’s tariff announcement. Cash is now seen as offering the best returns, while AI is a top growth pick. Despite market rebounds, concerns over dollar depreciation and private equity slowdowns persist.
- Bearish Shift: Family offices have grown more cautious since the April tariff announcement, lowering their 2025 return expectations to 5% from 11% in 2024.
- Top Picks for Returns: 52% believe cash/liquid assets will offer the best returns; over 30% selected Artificial Intelligence.
- Investment Priority: Nearly half of offices cite improving liquidity as their top 2025 priority, replacing last year’s focus on diversification.
- Key Concerns: 52% see U.S. dollar depreciation as a major market risk. Private equity and venture capital returns are widely seen as unsatisfactory.
- Cautious Optimism: While hoarding cash for safety, offices plan to increase allocations to direct private equity (net 20%) for long-term, opportunistic bets.
财富管理调查：家族理财室转向看跌，青睐现金和人工智能
总结： 加拿大皇家银行财富管理与Campden Wealth的一项调查显示，自4月关税公告以来，为超级富豪家庭服务的投资公司采取了谨慎、看跌的立场。现金目前被视为能提供最佳回报，而人工智能是首选增长领域。尽管市场出现反弹，但对美元贬值和私募股权放缓的担忧依然存在。
- 转向看跌： 自4月关税公告以来，家族理财室变得更加谨慎，将其2025年回报预期从2024年的11%下调至5%。
- 最佳回报选择： 52%的受访者认为现金/流动资产将提供最佳回报；超过30%选择了人工智能。
- 投资重点： 近半数理财室将改善流动性列为2025年的首要任务，取代了去年的投资组合多元化重点。
- 主要担忧： 52%的受访者认为美元贬值是主要市场风险。私募股权和风险投资的回报普遍被认为不理想。
- 谨慎乐观： 尽管囤积现金以保安全，但理财室计划增加对直接私募股权的配置（净20%），以进行长期、机会主义的投资。
Original Article Link: https://www.cnbc.com/2025/10/24/family-offices-dollar-depreciation-returns-tariffs.html