SINGAPORE (July 16): As the world grapples with the COVID-19 pandemic, family offices have not been spared, due to sell-offs in the global market and market dislocations.

However, UBS Global Wealth Management's Global Family Office Report 2020 has revealed family offices have been protecting themselves from the worst effects of the sell-off by rebalancing their portfolios to manage risks.

The survey consists of principals and executives in 121 family offices around the world, and purely comprises single family offices, with an average total family wealth of USD$1.6 billion ($2.2 billion).

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