Many family offices reduced their cash holdings during the second quarter of 2024, often raising their allocations to fixed income and equities, according to the Q2 2024 Family Office Investment Report from Citi Private Bank.
The report tracks the evolution of the portfolios of Citi’s family office clients, providing an aggregate snapshot of how family offices are allocating their money.
The report provides a detailed investment breakdown by region. For example, it found that in North America, family offices continued to reallocate cash toward equities and, to a lesser extent, fixed income, despite the high yields on cash. The region saw less activity in private equity, real estate and commodities.
Broader regional trends included:
- A modest shift into fixed income
- Continued appetite for equities in most regions
- A preference for developed large cap equities over small and mid cap equities
- Increased allocations to hedge funds in most regions
