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Family offices fear dollar depreciation, lower investment returns in wake of tariffs
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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.”
 "Bank Holiday Alert! Will Banks Be Closed On October 27 For Chhath Puja? Find Out Here")
New Delhi: With the sparkle of Diwali just fading, the festive spirit continues as people gear up to celebrate Chhath Puja. However, amid the excitement, many are wondering whether banks will remain open or closed during these celebrations. October has already been packed with back-to-back festivals from Navratri and Vijayadashami to Diwali and Lakshmi Pujan leading to several bank holidays across the country.
Bank Holiday on October 27: What You Need to Know
Banks in many parts of India will remain closed on October 27 in observance of Chhath Puja. While some regions will have a two-day break, others will see banks closed for just one day, depending on the state and local traditions.
Chhath Puja 2025: Dates, Significance, and Celebrations
Chhath Puja 2025 will be celebrated from October 25 to 28, marking four days of devotion dedicated to the Sun God. The festival holds special importance in states like Bihar, Jharkhand, Uttar Pradesh, and even in parts of Nepal. During these days, devotees observe fasts, take holy dips in rivers, and offer prayers to thank the Sun God for sustaining life on Earth while seeking blessings for health, prosperity, and happiness.
Bank Schedule and Services During the Festive Month
Banks in Gujarat will remain closed on October 31 to honour Sardar Vallabhbhai Patel’s birth anniversary. As per the RBI holiday calendar, all banks nationwide will also stay shut on the second and fourth Saturdays and Sundays.
Digital Banking to the Rescue During Holidays
Customers can still perform fund transfers, bill payments, and balance checks via online banking, mobile apps, ATMs, and UPI. Only in-person services like large cash deposits, cheque clearances, and demand drafts will be unavailable. To avoid inconvenience, customers are advised to plan their bank visits accordingly and make full use of digital banking facilities during the festive period.
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.
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