Family offices

The asset allocators at family offices that we spoke to all reported great concern combined with loss of confidence at the effect on the markets caused by the 11 September events. Many European family offices had significant exposures to the dollar, both in hedge fund portfolios and private equity funds. 'Obviously we are appaled by the human tragedy,' said one investment manager, 'and we fear that we are in a downward recessive spiral with no good news ' just news of earnings warnings and loss