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Family offices were well prepared for the 2008 financial crisis, report

Single family offices in Europe and the US anticipated the financial crisis, and were well prepared to ride out the worst period of 2008.

Single family offices in Europe and the US anticipated the financial crisis, and were well prepared to ride out the worst period of 2008.

That’s according to a new study of 40 single family offices, with a median asset size of more than $500 million (€388 million), by asset advisers Cambridge Associates.

While family offices did not make many strategic changes to their asset allocation, they did focus on tactical changes such as improving cash reserves and liquidity, found the report.

“The underlying family had a long-term horizon, had the resources to ride out difficult market environments and, for the most part, did not initiate changes in their investment policies in reaction to the crisis,” said Douglas Macauley, managing director of Cambridge Associates.

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