Family offices that manage money for the ultra-rich are exerting a greater force on the global investment landscape.

So how are these institutions allocating their cash?

We see a much more bar-built approach to investing.

If you hold 45% of your assets in alternatives,

you're going to need to have another part of the portfolio that provides liquidity,

not only for your operating expenses, but also to be able to act on market

dislocations without being a forced seller of your other assets.

I'm Allison Nathan and this is Goldman Sachs exchanges. Family offices have long managed the financial affairs of the world's wealthiest families.

But little is known about these privately owned, typically discrete firms.

On today's episode, I'm delighted to be joined by four of my colleagues,

Meena Flynn and Sarah Nasonantara Hano from our Asset and

and Wealth Management business, and Ken Hersch and Tony Pasquarello from our Global Banking

and Markets business to shed light on Family Office offices investing strategies.

Mina, Sarah, Tony, and Ken, welcome back to the program.

Thanks, Elson.

Thanks for having us.

Great to be here.

So we last had all of you on this podcast in 2021 when you had just released your inaugural survey on

family offices. Earlier this year you released your second survey on this

investor base. Given the shifts in financial conditions and I would say just the macro conditions more broadly

over the last couple of years,

how a family offices changed the way they invest?

...