Family offices taking charge of their own investment decisions

A family affair

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There are an estimated 6,000 single- and multi-family offices worldwide - around half in the US alone - with Boston-based Cerulli Associates estimating that industry-wide assets under management for single-family offices stood at $1.2 trillion in September 2011, while multi-family funds reached $777 billion in managed assets in December 2012.

The proportion of these assets allocated to hedge funds has been shrinking as family offices punish managers for failing to outperform. "What has changed f

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