Family offices have added artificial intelligence to their investment portfolios at a healthy clip — but they are moving much more slowly when it comes to adopting the technology for their own operations, according to Citi Private Bank’s recently released 2024 Global Family Office Survey Insights.
More than three-quarters of family offices are showing interest in AI investments, and the survey provided a detailed look at how they are doing it:
- 53% of family offices have generative AI technology investments in their portfolio, and an additional 26% are considering it.
- The most popular asset classes for AI investing were public equities (33%), private equity funds (30%) and private direct equity (21%).
- Families with more than $500 million in AUM were more interested in direct AI investments in private companies (25%) than those with smaller AUM (16%).
- Family offices in Europe, the Middle East and Africa were most interested in AI investments: Only 12% said this area of investing was not a priority.
Perhaps unsurprisingly, however, family offices are not moving as quickly to adopt AI in their own operations. When asked if they were using AI for task automation, presentation building or forecasting, for example, fewer than 15% said yes
