Some family offices not involved in impact investing are interested in using assets for what they see as good causes, but through philanthrophic means, the report said. For some of these families, there is still a hesitancy to move into impact and ESG investments because of doubts about performance.
The report also noted that only 22 percent of U.S. family offices are engaged in impact investing, which is below the global average of 32 percent.
"I think right now we’re still seeing impact investing in its infancy. ... I still think there’s a stigma around returns and that the research isn’t there yet to be able to build a full portfolio of sustainable investments," an executive at a North American family office said in the survey. "At the end of the day, you want to do good, but you also want to perform."
These were other findings in the report:
• The most popular investments among U.S. family offices were equities, 31.8 percent (27 percent developed markets and 4.8 percent developing markets); private equity, 24.8 percent; fixed income, 15.5 percent; real estate, 12 percent; and hedge funds, 7.4 percent.
• The average U.S. family office in the U.S. has 10 full-time and four part-time staff.
• The average salary for U.S. family office CEOs is $388,000. The average CIO receives $416,00 and CFOs receive $258,000.
• Only 18 percent of family offices had a succession plan in place, well below the global average of 31 percent.
• One-third of U.S. family offices said that next generation family members will eventually take hands-on control of the family office.