Business
Family offices fear dollar depreciation, lower investment returns in wake of tariffs
Compassionate Eye Foundation/david Oxberry | Digitalvision | Getty Images
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Family offices have been investing with more caution since President Donald Trump’s tariff announcement in early April, according to a recent survey released by RBC Wealth Management and research firm Campden Wealth.
In a poll of 141 investment firms of ultra-wealthy families in North America, the majority (52%) of respondents said cash and other liquid assets would offer the best returns over the next 12 months. More than 30% said artificial intelligence would offer the best returns. Respondents could pick multiple answers.
In last year’s survey, growth equities and defense industries were the most popular choices, each tallying just under a third of respondents.
Family offices also lowered their expectations for 2025 returns, reporting an average expected portfolio return of 5% for the year, down from 11% in 2024. Fifteen percent of respondents said they expected negative returns, while nearly none did the year prior. The most popular investment priority for 2025 was improving liquidity, which was selected by nearly half of family offices. Last year’s top choice, at 34%, was portfolio diversification.
The survey was conducted from April through August. RBC Wealth Management’s Bill Ringham said that tariff-induced market turmoil and geopolitical tensions played a “pivotal role” in the pessimistic poll results.
While U.S. markets have rebounded to record highs since the spring, family offices still have other reasons to be bearish. A whopping 52% of survey respondents cited depreciation of the U.S. dollar as a likely market risk. The dollar has dropped by nearly 9% since the beginning of the year, and banks including UBS expect depreciation to continue.
The slowdown in exits for private equity and venture capital — a common complaint from family offices, per the report — continues to drag on. Nearly a quarter of respondents said private equity funds have not met their expected investment returns for 2025, and 15% said the same of private equity direct investments. Venture capital scored the lowest net sentiment, with 33% of respondents reporting unsatisfactory returns.
That said, family offices are flocking to cash not only to mitigate risk, but also to make opportunistic bets in the future, Ringham said.
“They’re taking a much longer vision of their legacy and their family,” said Ringham, who directs private wealth strategies for RBC’s U.S. arm. “By doing this, they’re probably creating the capital to take advantage of opportunities as they see them coming through in the market.”
This cautious optimism can be seen in the respondents’ intended asset allocation changes, he said. Only a net 3% of family offices plan to increase their allocation to cash and liquid assets, compared to 20% for direct private equity investments, and 13% for private equity funds.
Investing in private markets is a necessity to create enough wealth to beat inflation and accommodate a growing family, Ringham said.
“When family offices are putting together portfolios, they’re obviously looking at time horizons that can last much longer than individuals that don’t have this type of legacy wealth. I mean, we’re looking at 100 years to 100 years plus,” he said. “If you’re taking the long view, even though you might realize that private equity hasn’t been performing that well over the past couple years, it’s still a place where historical returns might have exceeded returns that you might find elsewhere.”
Business
Lenskart IPO Opening Date Announced: Check Price, GMP, & Key Dates
Last Updated:
Lenskart Solutions Limited will open its Rs 7,278 crore IPO on October 31, 2025, with expected listing on BSE and NSE on November 10.
Lenskart has announced the opening date for its IPO.
Lenskart IPO GMP: Eyewear company Lenskart Solutions Limited has announced October 31 as the opening date for its initial public offering (IPO). The three-day subscription window will end on November 04, 2025. The expected size of the issue is Rs 7,278 crore, as informed in the RHP filed on October 25.
Lenskart’s IPO anchor book will open for a day on October 30, according to the Red Herring Prospectus (RHP). The company is expected to finalise share allotment by November 6, and trading of Lenskart shares on the BSE and NSE will begin from November 10.
The company hasn’t yet revealed the price band for its upcoming IPO. It will be announced closer to the launch date.
The grey market premium (GMP) will also be available once the IPO price band is fixed.
Lenskart IPO Details
Earlier, Lenskart converted into a public limited company in June. Its name was changed from Lenskart Solutions Private Ltd to Lenskart Solutions Ltd during an extraordinary general meeting held on May 30.
Back in February, the company was reportedly in discussions to appoint five investment banks — Kotak Mahindra Capital, Axis Capital, Citi, Morgan Stanley, and Avendus Capital — as advisors for the IPO.
Existing investors like TR Capital, Chiratae, Softbank and Kedaara Capital are expected to sell their stake as part of the deal.
Alongside founders and promoters — Peyush Bansal, Neha Bansal, Amit Chaudhary, and Sumeet Kapahi — investors including SoftBank’s SVF II Lightbulb (Cayman), Schroders Capital, PI Opportunities Fund, MacRitchie Investments, Kedaara Capital Fund, and Alpha Wave will also participate as selling shareholders in the offer-for-sale. Notably, Schroders Capital Private Equity Asia Mauritius is set to exit entirely, offloading its 1.9 crore shares, representing a 1.13% stake, through the IPO.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst…Read More
Varun Yadav is a Sub Editor at News18 Business Digital. He writes articles on markets, personal finance, technology, and more. He completed his post-graduation diploma in English Journalism from the Indian Inst… Read More
October 26, 2025, 11:13 IST
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Business
US-China trade talks: ‘Moving forward’ towards final agreement; Trump expresses hope for ‘comprehensive deal’ with Xi – The Times of India
The longstanding trade tensions between the United States and China might finally come to an end as the two nations are making progress on finalising the details of a trade agreement, a US official said on Sunday.“I think we’re moving forward to the final details of the type of agreement that the leaders can review and decide if they want to include together,” US trade representative Jamieson Greer said, as cited by AFP.
Earlier, US President Donald Trump US President Donald Trump had also expressed believe that the two nations will reach a “comprehensive deal” with China’s Xi Jinping, putting an end the bitter trade war between the world’s two largest economies.When asked by reporters aboard Air Force One what he hoped to take away from upcoming talks in South Korea, Trump replied, “I think we have a really good chance of making a really comprehensive deal.”The announcement comes after the latest round of trade talks in Malaysia, which began on Saturday, as both nations sought to prevent further escalation of a costly tariff dispute.“The Chinese and US delegations convened on Saturday morning for talks on economic and trade issues,” the official Xinhua news agency reported, as cited by AFP.Chinese Vice Premier He Lifeng is leading a delegation in Malaysia from October 24 to 27 to hold discussions with the United States, the Chinese commerce ministry said. The talks are focused on “important issues in the economic and trade relationship between China and the United States,” the ministry added.Tensions between the two countries have intensified in recent weeks. US President Donald Trump threatened 155% additional tariffs on Chinese imports. This came after Beijing’s introduction of sweeping controls on its rare earths industry earlier this month. Both countries have also imposed fees on each other’s shipments, following a US “Section 301” investigation that concluded China’s dominance in the sector was unreasonable.Trump had warned that he might cancel his anticipated meeting with Chinese President Xi Jinping in South Korea, scheduled on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit beginning October 31. Despite the mounting tensions, the US president emphasised his goal of securing a “good” deal with China and bringing the trade war to an end.The timing of the Malaysian talks coincided with President Trump’s visit to Kuala Lumpur for the Association of Southeast Asian Nations (ASEAN) meeting from October 26 to 28, further highlighting the strategic importance of these discussions.
Business
What went wrong with Pizza Hut?
Faarea MasudBusiness reporter
BBCPizza Hut was once a go-to for families and friends to tuck into its all-you-can eat buffet, unlimited salad bar, and self-serve ice-cream with all the toppings.
But fewer diners are “hitting the Hut” these days and it is closing half its UK restaurants after being bought out of administration for the second time this year.
“We used to go to Pizza Hut when I was a child,” says Prudence, when the BBC asked shoppers in London why they thought the chain was struggling. “It was like a family thing, you’d go on a Sunday – make a day of it.” But now aged 24 she says “it’s not a thing anymore”.
For 23-year-old Martina Debnatch it is some of the very things Pizza Hut has been known and loved for since it opened in the UK in the 1970s that are now not-so-hot.
“The way they do their buffet and their salad bar, it feels like they are cheapening on their quality and have lower standards…They’re giving away so much food and you’re like ‘How?'”

As food prices have soared, Pizza Hut’s all-you-can-eat model has become very expensive to run. As have its 132 restaurants which are being sliced to 64.
The business, like many others, has also seen its costs increase. In April this year, staffing costs jumped due to rises in minimum wages (which went up nearly 7% this year, to £12.21 for employees aged 21 and over) as well as an increase in employer national insurance contributions.
Chris, 36, and Joanne, 29 say they used to go to Pizza Hut for a date “every now and then”, but now they order in a Domino’s and think Pizza Hut is “very overpriced”.

Depending on your order, Pizza Hut and Domino’s prices are similar, says Giulia Crouch, food expert and author of The Happiest Diet in the World.
While Pizza Hut does offer takeaway and deliveries through Ubers Eats, Deliveroo and Just Eat, it is losing out to big rivals which solely cater to this market.
“Domino’s has managed to dominate the takeaway pizza sector thanks to aggressive marketing and constantly running deals that make consumers feel like they’re getting a bargain, when in reality the original prices are quite high,” says Ms Crouch.
But for Chris and Joanne it is worth it to get their date night delivered to their door.
“We definitely eat at home now more than we eat out,” says Joanne, echoing recent statistics that show a drop in people going to casual and fast-food restaurants.
John Keeble/Getty ImagesOver the summer, casual and fast-food restaurants saw a 6% drop in customers compared to last summer.
There is also another rival to restaurant and takeaway pizzas: the cook-at-home oven pizza.
Will Hawkley, head of leisure and hospitality at KPMG, points out that not only have supermarkets been offering high-quality oven-ready pizzas for years – some are even selling home-pizza ovens.
“Lifestyle changes are also playing a factor in the success of fast-food chains,” says Mr Hawkley.
The rising popularity of high protein diets has boosted sales at chicken shops, while hitting sales of carb-heavy pizza, he adds.
As people go out to eat less frequently they may look for a more a premium experience and Pizza Hut’s American-diner style with booth seating and red and white checked plastic table cloths can feel more retro than upmarket.
The “explosion of high-quality pizzerias” over the last 10 to 15 years, such as Franco Manca, has “fundamentally changed the public’s perception of what good pizza is,” says Ms Crouch.
“A light, fresh, easy-to-digest product with a few choice toppings, not the massively greasy, heavy and overloaded pizzas of the past. That, I think, is what’s caused Pizza Hut’s downfall,” she says.
“Why would anyone spend £17.99 on a small, substandard, disappointing pizza from a chain when you can get a beautiful, masterfully-made Margherita for under a tenner at one of the many authentic Italian pizzerias around the country?
“It’s a no-brainer.”
Dan PuddleDan Puddle, who owns Smokey Deez, a small mobile pizza van based in Suffolk says: “It’s not that people have fallen out of love with pizza – they just want better pizza for their money.”
Dan says his flexible operation can offer premium pizza at accessible prices, and that Pizza Hut struggled because it could not keep up with new customer habits.
At Pizzarova, a small independent chain based in Bristol, owner Jack Lander says the pizza market is broadening but Pizza Hut has failed to offer anything new.
“You now have slice concepts, London pizza, new haven, sourdough, Neapolitan, Detroit – it’s a heavenly minefield for a pizza-loving consumer to explore.”
Jack says Pizza Hut “needs to reinvent itself” as younger people don’t have any sense of nostalgia or loyalty to the brand.
Jack LanderOver time, Pizza Hut’s market has been sliced up and distributed to its trendier, more nimble rivals. To maintain its expensive staffing and restaurants, it would have to increase costs – which KPMG’s Mr Hawkley says is difficult at a time when household budgets are shrinking.
Nicolas Burquier, Pizza Hut’s managing director of international markets, said the buyout aimed “to safeguard our guest experience and protect jobs where possible”.
He said its immediate priority was to continue operating at the remaining 64 restaurants and 343 delivery sites and to support colleagues through the transition.
But with so much money going in to running its restaurants, it likely can’t afford to invest too much in its delivery service because the sector is “complex and partnering with existing delivery apps comes at a cost”, Mr Hawkley says .
But, he adds, cutting its costs by leaving oversaturated towns and city centres could be a good way to adapt.
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