瑞銀:全球家族辦公室審慎計劃今年削減房地產配置
瑞銀發佈《2023年全球家族辦公室報告》,對全球230個單一家族辦公室進行調查,受訪家族辦公室總財富淨值為4,958億美元,平均總財富淨值22億美元。
報告顯示,亞太區家族辦公室對股票的配置最高(37%),其中41%計劃於未來五年增加已發展市場的固定收益配置。隨著美元見頂及中國經濟重啟,受訪的家族辦公室還預計將增加風險資產配置,35%計劃增持新興市場股票。
另外,家族辦公室以另類資產協助分散投資組合的趨勢仍然強勁,但他們正在重新調整配置重點。亞太區近半家族辦公室(46%)偏好使用對沖基金以分散投資,相比全球只有33%家族辦公室偏好使用對沖基金進行分散投資。亞太區家族辦公室的對沖基金配置亦從3%升至5%。
至於在亞太區方面,80%家族辦公室預計對沖基金的表現將在未來12個月達到或勝於其目標。進行私募股權投資的亞太區家族辦公室較喜歡使用基金進行投資(53%),因為有關基金一般可實現分散投資,並 有助家族辦公室拓展投資至一些他們不熟悉的市場。
私募股權投資方面,亞太區家族辦公室最感興趣的行業是科技、醫療保健、資訊及通訊、房地產和租賃。整體而言,27%亞太區家族辦公室計劃於未來五年增加私募股權直接投資。
報告指,全球家族辦公室均審慎計劃在2023年削減房地產配置,但在五年內,亞太區13%家族辦公室將轉為增加配置。此結果符合相關市場環境,因為2023年利率維持高位,房地產價格略為疲弱,隨後的寬鬆貨幣政策及較低估值將有望再次支持該資產類別。 (ca/w)
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