Family offices have boosted their private equity allocations over the past year as the sector continues to outperform other asset classes, according to the latest Global Family Office Report by UBS.

Family offices have boosted their private equity holdings by 2.3 percentage points over the last 12 months, with private equity now making up over 22% of the average family office's holdings. At the same time, family offices have reduced hedge fund holdings by 0.9 percentage points to make up just 8.1% of their average holdings, according to a survey of 242 family offices globally.