Family office 'overwhelmingly overweight' in developed markets investments: Goldman Sachs partner

Family office 'overwhelmingly overweight' in developed markets investments: Goldman Sachs partner

Sara Naison-Tarajano, Goldman Sachs Global Head of Private Wealth Management Capital Markets, joins Yahoo Finance Live to discuss where Goldman Sachs family offices are investing according to a survey, cryptocurrency investments, and the company's outlook based on investment trends.

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Yahoo Finance

Tue, May 16, 2023, 9:27 AM GMT+9

Video Transcript

- Goldman Sachs getting the pulse of where the ultra wealthy are looking to invest this year. Joining us now is Sarah Naison-Tarajano, Goldman Sachs Global Head of Private Wealth Management Capital Markets. Sara, it's great to see you here. So you're out with the new report. You spoke to a number of family offices. One of my big takeaways from this report was this risk on attitude, the sentiment that you guys found speaking with all these family offices. What do you think is driving that?

SARA NAISON-TARAJANO: Yeah, and I would say, look, the reason that we've talked about this risk on sentiment is that we see a number of families talking about looking to invest in equities in the future even more. So 48% say they're prepared to invest in equities in the future in the next 12 months and over 40% in alts. I think that really comes down to family offices being a very nimble investor based who can act when others are running away from the market.

You have to remember, they aren't answering to a set of outside investors. They don't have to worry about redemptions the way other investors do, so they can be in a position to act. And I think they are prepared to do so upon dislocations.

- So Sara, I wanted to ask you. Was there anything that surprised you in terms of this data? Because, for instance, my perspective, when I was looking at the geographic allocation going forward and I saw that only 26% of respondents plan to increase their allocation to US markets, talk to us about the breakdown of where they're looking to put their money, and was there anything that surprised you?

SARA NAISON-TARAJANO: Yeah, I would say, overall, in terms of the results of the survey, one thing I'll just start with is, actually, the allocations have stayed quite similar from our last paper published in 2021. And I think this is really a testament to family offices being patient capital, and also, the lack of leverage in the system. So there hasn't been a need to really shift significantly the asset allocations. When we surveyed this group in 2021, they had 45% in alternatives. Today, they have 44%.