Chinese Family Office and Wealth Management Report, 2020: This report, by Campden Wealth with FOTT, UBS and AVIC Trust, about private wealth management in China and the burgeoning family office space, is based on 76 surveys and 10 interviews with families in mainland China and Hong Kong.
Some of the key findings include:
· The average net wealth of the families represented in this report is RMB 6.5 billion (USD 943 million), and the average AUM of the family offices is RMB 4.2 billion (USD 604 million).
· The average age of the generation currently in charge of family wealth is 55 years.
· Establishing a family office structure accounted for 35% of the top ranked challenges that family offices are faced with; recruiting outside talent 21%, and finding experienced service providers 21%.
· Of those who do not currently use family office services, over three-quarters are interested in either setting up a single family office (44%) or joining a multi-family office (33%). Of those interested, 84% are actively taking measures.
· The top asset class in which family offices invest is fixed income (22% of the average portfolio). Private equity constitutes 20%, real estate 17%, and public equities 17%. The vast majority of respondents consider international investments (90%).
The report is available in English and Mandarin Chinese.