Aussie family offices use US for AI access

Mike Taylor

Managing Editor and Publisher

1 June 2026

While the US Dollar appears to be losing its primacy as a reserve currency, Australian family offices still see North America as an attractive investment destination, according to the 2026 UBS Global Family Office Report.

The report, issued late last week, noted that, for the time, the majority of family offices surveyed plan changes to their strategic asset allocation in the next 12 months, marking the highest level recorded by UBS to date.

Drawing the Australian elements from the report, UBS Global Wealth Management Australia Head of Investments, Andrew McAuley said pointed to the attraction of North America as a means of accessing artificial intelligence (AI) and the related themes of power and infrastructure.

“Also, the report shows family offices increasingly adopting a strategic asset allocation which we would describe as endowment style,” McAuley said.

“This style of investing is reasonably well understood and adopted in Australia. Allocating between 20% and 40% to alternative assets such as private equity, private credit, infrastructure, real estate and hedge funds is a proven way to smooth and enhance returns.

“Some family offices have discussed the possibility of shifting strategies to accommodate a weaker USD. However, this weakness in the USD versus the AUD is not seen as a structural issue, rather a result of short-term interest rate differentials between the RBA, which is raising rates and the Federal Reserve, which is cutting rates,” he said.

“Finally, it is notable that Australian family offices remain very receptive to external expertise and advice where required with the typical board containing independent external parties.

“Additionally, all are conscious of succession planning and engaging with their next generation. There is also a strong desire to ensure the partner of the business principal is educated in wealth protection and creation. For UBS, that means creating a series of educational seminars for the next generation, partners and women in preparation of the great wealth transfer.”

Looking at the global findings of the research, UBS said geopolitical conflict has emerged as the top risk across both short- and long-term horizons, while concernsover global debt levels and recession threats are rising.

It said that, in response, family offices are taking a measured, medium-term approach, prioritizing diversification across asset classes, currencies and regions, rather than making abrupt allocation shifts.

“This report shows that family offices continue to adjust portfolios in measured ways – diversifying across assets, currencies and regions, while maintaining exposure to long-term themes such as artificial intelligence with greater selectivity,” Head of Strategic Clients & Global Connectivity at UBS Global Wealth Management, Benjamin Cavalli said.

“Many are considering a reduction in exposure to the US dollar or are planning to diversify regionally, but North American assets clearly continue to represent the greatest share of allocations.”

For the first time, 60% of family offices plan changes to their strategic asset allocation in the next 12 months, marking the highest level recorded by UBS to date. While developed markets remain the backbone of portfolios, allocations are gradually tilting towards emerging market equities and alternatives such as infrastructure, alongside reduced exposure to real estate. At the same time, family offices are leaning toward targeted adjustments in terms of diversification, reflecting a disciplined and long-term investment mindset.