HONG KONG, May 22 Reuters A major geopolitical conflict is the top risk for global family offices in both the near and mediumterm, while North America and Asia Pacific are set to become the top destinations for fresh asset allocations, a recent UBS survey found.

Among global peers, North Asian family offices are mostly concerned about geopolitical risks, the survey showed, with 70 of them rating these factors as a top risk over the next five years, compared with 62 by global family offices.

The survey is based on responses from 320 singlefamily offices across the world, with an average net worth of 2.6 billion, released in the form of 2024 Global Family Office Report, by UBS on Wednesday.

Family offices worldwide control some 10 trillion in assets, according to data from London Business School, and are becoming an increasingly important investment force.

Facing challenges including geopolitical risks and climate change, Asia Pacific families are relying more on active wealth management solutions, with big exposures to alternative investments into private equity and hedge funds, and tilting portfolios towards more defensive geographies, the report said.

Almost half of APAC family offices plan to allocate more assets to APAC over the next five years, with APAC set to be the top investment hotspot globally, said L H Koh, head of UBS global family institutional wealth APAC.

Family offices worldwide have kept their largest regional allocations in North America, the…