In the second quarter of 2024, global family offices reduced their cash holdings to increase investments in fixed income and equities, according to a Citi Private Bank report. Despite delays in anticipated U.S. Federal Reserve rate cuts and high geopolitical tensions, these offices allocated 22.4% of their assets to fixed income and 35% to equities, with a preference for developed large caps. The Asia Pacific region saw a slight decrease in cash allocations to 27.2%, while fixed income and equities rose to 20.5% and 40.4%, respectively. Key investments included U.S. Treasuries and high-quality financial credits, alongside a growth in hedge fund allocations to 3.6%, focusing on multi-strategy and multi-manager funds.