CHICAGO, April 15, 2019 – Family Office Exchange (FOX), the industry-leading membership organization for families, successful businesses, and family enterprises, recently brought together the most sophisticated investors of private capital at the 2019 FOX Global Investment Forum in New York to explore family offices’ distinct approach to investing in the midst of market uncertainty.
A brief survey of participants identified their top three concerns to be 1) Downside protection in global downturn; 2) Frothy markets/valuations (public markets, venture, and private equity); and 3) Correlations of asset classes in diversified portfolios in next downturn. “Family Offices are struggling with the lack of clear direction in the investment markets," said Kristi Kuechler, Managing Director of the Investor Market for FOX. "But even amid this uncertainty, families are forging ahead, reevaluating their approach to asset allocation, and reassessing their approach to private equity—adding direct investments in real estate and operating companies.”
Participants attended presentations from FOX experts and industry thought leaders, including:
- Crashed: How a Decade of Financial Crises Changed the World - The financial crisis of 2007-2008 was perhaps the most dangerous moment, not just in the history of the U.S. economy, but in the history of the Western world. Ten years later we can still feel its reverberations. Historian Adam Tooze discussed the causes of the crisis and the political, economic, and financial implications for the present and the future of the U.S. and world economy.
- Real Estate Investing Late in the Cycle: Opportunities, Risks, and Threats - Investing late in the cycle in any asset class is a challenge but investing in real estate has additional risks. Commercial real estate investors face disruption from e-commerce, work force automation, and co-working trends, among many others. Broader macroeconomic, capital market, and policy risks must be understood to successfully invest in property. Looking back over the last century through the prism of other famous and infamous “Niner” years (1919, 1929, 1969, 1989, and 2009 to name a few), Douglas Poutasse, Head of Strategy and Research, Bentall Kennedy (U.S.) LP, used history to suggest some major opportunities available to investors while providing insight into potential major threats.
- Impact of Policy and Politics on Global Investment Markets - In this session, Libby Cantrill, the head of public policy at PIMCO, discussed global challenges, including the rise of populist movements (i.e. Brexit) and challenges to democratic institutions around the globe. She addressed these challenges from both a policy and political lens—and discussed the ensuing potential effects on markets and their investment implications.
The Forum agenda included a combination of keynote presentations, specific-topic breakout sessions, opportunities to meet informally with other investors over breakfast, lunch, and in moderated peer dialogue discussions, and an exciting new format, Speed Dating for Managers, allowed attendees to learn about several interesting investment strategies. Attendees included senior leadership in family offices, family members responsible for investment decisions, and Chief Investment Officers for Family Offices. For more information on the 2019 FOX Global Investment Forum, please click here.
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