{"success":true,"data":{"pressRelease":{"id":"175421","rtpr_id":"nBw9CL3LTa-20261021","ticker":"BLK","exchange":"NYSE","all_tickers":["BLK"],"title":"BlackRock Research Finds Generational Divide Among Family Offices amid $124 Trillion Wealth Transfer","author":"Business Wire","published_at":"2026-10-21T12:00:01.109Z","article_body":"BlackRock Research Finds Generational Divide Among Family Offices amid $124\nTrillion Wealth Transfer\n\nBlackRock survey of more than 200 single-family offices, conducted with\nPreqin, finds more than half adjusting portfolios as market risks shift.\n\nPrivate markets remain a priority, but newer and established family offices\nare taking different approaches to where and how they invest.\n\nGovernance now ranks ahead of investment returns as a top challenge, while\nfamily offices grapple with succession, globalization and the growing role of\nAI.\n\nAs an estimated $124 trillion passes to heirs and charities between 2024 and\n2048(1), new BlackRock research\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.blackrock.com%2Finstitutions%2Fen-us%2Finsights%2Fthought-leadership%2Famericas-family-office-survey&esheet=54625872&newsitemid=20261021475601&lan=en-US&anchor=research&index=1&md5=c7587535a17dc173de38d1f0b0480bc1)\nfinds a generational divide emerging among family offices, changing how some\nof the world's wealthiest families invest, manage risk and plan for\nsuccession.\n\nBlackRock surveyed more than 200 single-family offices across the Americas,\nrepresenting nearly $500 billion in investable assets, and found clear\ndifferences between newer and established offices in how they approach\ninvesting, liquidity, risk and governance.\n\nNearly four in ten family offices say the next generation is more willing to\ntake investment risk, while only one fifth say younger family members are more\nconservative. Established family offices are more focused on market downturns,\nleverage and manager selection, while newer offices place greater emphasis on\nfees, transparency and illiquidity.\n\nGovernance and decision-making are now the most frequently cited challenge,\nwith nearly 30% of family offices ranking them a top concern, ahead of\ninvestment returns. The finding points to a wealth transfer that is changing\nboth portfolios and how families make investment decisions.\n\n“As new family offices emerge and wealth changes hands, we're seeing a shift\nnot only in appetite for risk, but in how families evaluate it,” said\nArmando Senra, Head of the Americas Institutional Business at BlackRock.\n“Newer offices are approaching private markets and liquidity differently\nthan their more established peers, reinforcing the importance of balancing\ninvestment opportunities with each family's unique cash-flow needs,\nconstraints and long-term objectives.”\n\nFamily Offices Are Divided on Liquidity, United on Private Markets\n\nPrivate markets remain a priority for family offices, but newer and more\nestablished offices differ in where and how they invest.\n\nInfrastructure stands out as an area of growing interest, with nearly three in\nten family offices planning to increase allocations over the next 12 months\nand just over 5% planning to reduce exposure. Interest is strongest among\nnewer family offices, nearly 40% of which plan to increase allocations,\ncompared with just over 15% of established offices.\n\nPrivate equity also remains a significant allocation, with more than half of\nfamily offices allocating over 15% of their alternative holdings to the asset\nclass and over 30% planning to increase exposure over the next year. How they\ninvest differs as 45% of newer offices favor secondaries, compared with just\nunder 30% of established offices, while established offices show a stronger\npreference for co-investments (75% versus 60%).\n\nAt the same time, more than three-quarters of respondents cite the exit\nenvironment as a concern for returns.\n\nFamily offices also differ in how they view private credit. Established\noffices are more likely to see it as a source of income (nearly 35%) or\ndiversification (just over 30%), while newer offices place greater emphasis on\nabsolute risk-adjusted returns.\n\nApproaches to liquidity vary widely – more than 25% of respondents target\nless than 30% of their portfolios in liquid assets, while nearly 25% target\nmore than 60%. The range reflects the different ways families balance\nlong-term opportunities, concentrated holdings and liquidity needs.\n\nMore than half of respondents are adjusting their portfolios as markets shift,\nmost commonly by increasing diversification (35%). Just 10% are targeting\nhigher returns, while fewer than 10% are reducing exposure to risk assets.\n\nGovernance and Succession Are Growing Priorities\n\nMore than four in ten family offices say the growing geographic dispersion of\nfamily members is creating new challenges. Among them, more than 70% cite tax\nand regulatory considerations and nearly 40% point to cross-border estate and\nsuccession planning.\n\nMore than half of respondents say AI is either increasingly important or core\nto their operations, particularly for research and productivity. Yet fewer\nthan 10% say it is extensively integrated into investment decision making.\n\n“Governance has overtaken investment returns as the top challenge facing\nfamily offices, yet nearly two-thirds report limited or no next-generation\ninvolvement in investment decisions,” said Jessica Bulen, Head of U.S.\nFamily Capital, Endowments, Foundations and Healthcare at BlackRock. “As\nwealth moves across generations, bridging that gap will be critical to\nensuring governance, succession planning and investment decision-making evolve\nalongside increasingly complex portfolios over time.”\n\nAbout the Survey\n\nBlackRock's 2026 Family Office Survey, conducted with Preqin, examines the\ninvestment priorities, portfolio construction approaches and operating\nchallenges of more than 200 single-family offices across the Americas,\nrepresenting nearly $500 billion in investable assets.\n\nAbout BlackRock\n\nBlackRock’s purpose is to help more and more people experience financial\nwell-being. As a fiduciary to investors and a leading provider of financial\ntechnology, we help millions of people build savings that serve them\nthroughout their lives by making investing easier and more affordable. For\nadditional information on BlackRock, please visit www.blackrock.com/corporate\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fnam10.safelinks.protection.outlook.com%2F%3Furl%3Dhttp%253A%252F%252Fwww.blackrock.com%252Fcorporate%26data%3D05%257C02%257CReem.Jazar%2540blackrock.com%257Cb53a44cb56e94965288008df2a0edefc%257C282a32955c424d939ec16631001cc5f7%257C0%257C0%257C639275915565548969%257CUnknown%257CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%253D%253D%257C0%257C%257C%257C%26sdata%3DN7QTwy5Sehl7I0oTPb0ybEQ0NhPoxg82Jqq%252B4SOnlfw%253D%26reserved%3D0&esheet=54625872&newsitemid=20261021475601&lan=en-US&anchor=www.blackrock.com%2Fcorporate&index=2&md5=cc0c95631bd16594873e8fac80f73702)\n| X: @BlackRock | LinkedIn: www.linkedin.com/company/blackrock\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fnam10.safelinks.protection.outlook.com%2F%3Furl%3Dhttp%253A%252F%252Fwww.linkedin.com%252Fcompany%252Fblackrock%26data%3D05%257C02%257CReem.Jazar%2540blackrock.com%257Cb53a44cb56e94965288008df2a0edefc%257C282a32955c424d939ec16631001cc5f7%257C0%257C0%257C639275915565594777%257CUnknown%257CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%253D%253D%257C0%257C%257C%257C%26sdata%3Dd4LuAVRfeUWVr2mc%252Fv%252FZ1nkLFjQTBBB3wwgomCwlxn4%253D%26reserved%3D0&esheet=54625872&newsitemid=20261021475601&lan=en-US&anchor=www.linkedin.com%2Fcompany%2Fblackrock&index=3&md5=dd8146f0ae65a79ac99016de1cc12518)\n ____________________                                                    \n (1) Cerulli: U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2024  \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261021475601/en/\n(https://www.businesswire.com/news/home/20261021475601/en/)\n\nMedia Contact\n\nReem Jazar\n\nReem.jazar@blackrock.com \n(mailto:Reem.jazar@blackrock.com) \n646-357-6135\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw9CL3LTa-20261021","title":"BlackRock Research Finds Generational Divide Among Family Offices amid $124 Trillion Wealth Transfer","author":"Business Wire","ticker":"BLK","created":"2026-10-21T12:00:01.109Z","tickers":["BLK"],"exchange":"NYSE","article_body":"BlackRock Research Finds Generational Divide Among Family Offices amid $124\nTrillion Wealth Transfer\n\nBlackRock survey of more than 200 single-family offices, conducted with\nPreqin, finds more than half adjusting portfolios as market risks shift.\n\nPrivate markets remain a priority, but newer and established family offices\nare taking different approaches to where and how they invest.\n\nGovernance now ranks ahead of investment returns as a top challenge, while\nfamily offices grapple with succession, globalization and the growing role of\nAI.\n\nAs an estimated $124 trillion passes to heirs and charities between 2024 and\n2048(1), new BlackRock research\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.blackrock.com%2Finstitutions%2Fen-us%2Finsights%2Fthought-leadership%2Famericas-family-office-survey&esheet=54625872&newsitemid=20261021475601&lan=en-US&anchor=research&index=1&md5=c7587535a17dc173de38d1f0b0480bc1)\nfinds a generational divide emerging among family offices, changing how some\nof the world's wealthiest families invest, manage risk and plan for\nsuccession.\n\nBlackRock surveyed more than 200 single-family offices across the Americas,\nrepresenting nearly $500 billion in investable assets, and found clear\ndifferences between newer and established offices in how they approach\ninvesting, liquidity, risk and governance.\n\nNearly four in ten family offices say the next generation is more willing to\ntake investment risk, while only one fifth say younger family members are more\nconservative. Established family offices are more focused on market downturns,\nleverage and manager selection, while newer offices place greater emphasis on\nfees, transparency and illiquidity.\n\nGovernance and decision-making are now the most frequently cited challenge,\nwith nearly 30% of family offices ranking them a top concern, ahead of\ninvestment returns. The finding points to a wealth transfer that is changing\nboth portfolios and how families make investment decisions.\n\n“As new family offices emerge and wealth changes hands, we're seeing a shift\nnot only in appetite for risk, but in how families evaluate it,” said\nArmando Senra, Head of the Americas Institutional Business at BlackRock.\n“Newer offices are approaching private markets and liquidity differently\nthan their more established peers, reinforcing the importance of balancing\ninvestment opportunities with each family's unique cash-flow needs,\nconstraints and long-term objectives.”\n\nFamily Offices Are Divided on Liquidity, United on Private Markets\n\nPrivate markets remain a priority for family offices, but newer and more\nestablished offices differ in where and how they invest.\n\nInfrastructure stands out as an area of growing interest, with nearly three in\nten family offices planning to increase allocations over the next 12 months\nand just over 5% planning to reduce exposure. Interest is strongest among\nnewer family offices, nearly 40% of which plan to increase allocations,\ncompared with just over 15% of established offices.\n\nPrivate equity also remains a significant allocation, with more than half of\nfamily offices allocating over 15% of their alternative holdings to the asset\nclass and over 30% planning to increase exposure over the next year. How they\ninvest differs as 45% of newer offices favor secondaries, compared with just\nunder 30% of established offices, while established offices show a stronger\npreference for co-investments (75% versus 60%).\n\nAt the same time, more than three-quarters of respondents cite the exit\nenvironment as a concern for returns.\n\nFamily offices also differ in how they view private credit. Established\noffices are more likely to see it as a source of income (nearly 35%) or\ndiversification (just over 30%), while newer offices place greater emphasis on\nabsolute risk-adjusted returns.\n\nApproaches to liquidity vary widely – more than 25% of respondents target\nless than 30% of their portfolios in liquid assets, while nearly 25% target\nmore than 60%. The range reflects the different ways families balance\nlong-term opportunities, concentrated holdings and liquidity needs.\n\nMore than half of respondents are adjusting their portfolios as markets shift,\nmost commonly by increasing diversification (35%). Just 10% are targeting\nhigher returns, while fewer than 10% are reducing exposure to risk assets.\n\nGovernance and Succession Are Growing Priorities\n\nMore than four in ten family offices say the growing geographic dispersion of\nfamily members is creating new challenges. Among them, more than 70% cite tax\nand regulatory considerations and nearly 40% point to cross-border estate and\nsuccession planning.\n\nMore than half of respondents say AI is either increasingly important or core\nto their operations, particularly for research and productivity. Yet fewer\nthan 10% say it is extensively integrated into investment decision making.\n\n“Governance has overtaken investment returns as the top challenge facing\nfamily offices, yet nearly two-thirds report limited or no next-generation\ninvolvement in investment decisions,” said Jessica Bulen, Head of U.S.\nFamily Capital, Endowments, Foundations and Healthcare at BlackRock. “As\nwealth moves across generations, bridging that gap will be critical to\nensuring governance, succession planning and investment decision-making evolve\nalongside increasingly complex portfolios over time.”\n\nAbout the Survey\n\nBlackRock's 2026 Family Office Survey, conducted with Preqin, examines the\ninvestment priorities, portfolio construction approaches and operating\nchallenges of more than 200 single-family offices across the Americas,\nrepresenting nearly $500 billion in investable assets.\n\nAbout BlackRock\n\nBlackRock’s purpose is to help more and more people experience financial\nwell-being. As a fiduciary to investors and a leading provider of financial\ntechnology, we help millions of people build savings that serve them\nthroughout their lives by making investing easier and more affordable. For\nadditional information on BlackRock, please visit www.blackrock.com/corporate\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fnam10.safelinks.protection.outlook.com%2F%3Furl%3Dhttp%253A%252F%252Fwww.blackrock.com%252Fcorporate%26data%3D05%257C02%257CReem.Jazar%2540blackrock.com%257Cb53a44cb56e94965288008df2a0edefc%257C282a32955c424d939ec16631001cc5f7%257C0%257C0%257C639275915565548969%257CUnknown%257CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%253D%253D%257C0%257C%257C%257C%26sdata%3DN7QTwy5Sehl7I0oTPb0ybEQ0NhPoxg82Jqq%252B4SOnlfw%253D%26reserved%3D0&esheet=54625872&newsitemid=20261021475601&lan=en-US&anchor=www.blackrock.com%2Fcorporate&index=2&md5=cc0c95631bd16594873e8fac80f73702)\n| X: @BlackRock | LinkedIn: www.linkedin.com/company/blackrock\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fnam10.safelinks.protection.outlook.com%2F%3Furl%3Dhttp%253A%252F%252Fwww.linkedin.com%252Fcompany%252Fblackrock%26data%3D05%257C02%257CReem.Jazar%2540blackrock.com%257Cb53a44cb56e94965288008df2a0edefc%257C282a32955c424d939ec16631001cc5f7%257C0%257C0%257C639275915565594777%257CUnknown%257CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%253D%253D%257C0%257C%257C%257C%26sdata%3Dd4LuAVRfeUWVr2mc%252Fv%252FZ1nkLFjQTBBB3wwgomCwlxn4%253D%26reserved%3D0&esheet=54625872&newsitemid=20261021475601&lan=en-US&anchor=www.linkedin.com%2Fcompany%2Fblackrock&index=3&md5=dd8146f0ae65a79ac99016de1cc12518)\n ____________________                                                    \n (1) Cerulli: U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2024  \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261021475601/en/\n(https://www.businesswire.com/news/home/20261021475601/en/)\n\nMedia Contact\n\nReem Jazar\n\nReem.jazar@blackrock.com \n(mailto:Reem.jazar@blackrock.com) \n646-357-6135\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-10-21T12:00:01.166026454Z","server_sent_at_ms":1792584001166},"received_at":"2026-10-21T12:00:01.224Z","source_url":"https://www.businesswire.com/news/home/20261021475601/en/"},"analysis":{"id":"163449","press_release_id":"175421","analysis_json":{"industry":{"label":"Capital Markets","sector":"Financials"},"redFlags":[],"eventType":"other","narrative":"BlackRock published its 2026 Family Office Survey, conducted with Preqin, covering more than 200 single-family offices across the Americas with nearly $500 billion in investable assets.\n\nThe survey finds a generational divide in risk appetite and portfolio approach amid an estimated $124 trillion wealth transfer through 2048, with governance now cited ahead of investment returns as the top challenge (nearly 30%).\n\nPrivate markets remain a priority — nearly three in ten offices plan to increase infrastructure allocations over the next 12 months — though more than three-quarters cite the exit environment as a concern.\n\nThis is thought-leadership content positioning BlackRock's institutional franchise; it contains no financial results or guidance for the company.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"BlackRock thought-leadership survey on family offices — brand content, not market-moving."},"keyFigures":{"customDimensions":{"survey_assets":"nearly $500 billion in investable assets","survey_respondents":"more than 200 single-family offices","wealth_transfer_usd":"$124 trillion (2024-2048, per Cerulli)"}},"quotedText":"Governance has overtaken investment returns as the top challenge facing family offices, yet nearly two-thirds report limited or no next-generation involvement in investment decisions","namedEntities":{"people":[{"name":"Armando Senra","role":"Head of the Americas Institutional Business at BlackRock"},{"name":"Jessica Bulen","role":"Head of U.S. Family Capital, Endowments, Foundations and Healthcare at BlackRock"}],"products":["BlackRock 2026 Family Office Survey"],"companies":[{"name":"BlackRock","ticker":"BLK","relationship":"filer / survey author"},{"name":"Preqin","relationship":"survey partner"}],"dollarAmounts":[{"amount":"$124 trillion","context":"estimated wealth transfer to heirs and charities 2024-2048"},{"amount":"$500 billion","context":"investable assets represented by surveyed family offices"}]},"materialImpact":{"score":1,"reasoning":"Thought-leadership research/survey from BlackRock with no financial results, guidance, or strategic transaction. Brand-building content with no direct P&L impact on the filer."},"tickerRelevance":{"others":[],"primary":"BLK"},"globalImportance":12,"audienceRelevance":25,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"mega-cap","eventGravity":"thought-leadership survey, no financial disclosure","issuerAuthored":true,"householdBrandBoost":true}},"event_type":"other","event_type_secondary":null,"sentiment":"neutral","material_impact_score":1,"narrative":"BlackRock published its 2026 Family Office Survey, conducted with Preqin, covering more than 200 single-family offices across the Americas with nearly $500 billion in investable assets.\n\nThe survey finds a generational divide in risk appetite and portfolio approach amid an estimated $124 trillion wealth transfer through 2048, with governance now cited ahead of investment returns as the top challenge (nearly 30%).\n\nPrivate markets remain a priority — nearly three in ten offices plan to increase infrastructure allocations over the next 12 months — though more than three-quarters cite the exit environment as a concern.\n\nThis is thought-leadership content positioning BlackRock's institutional franchise; it contains no financial results or guidance for the company.","key_figures":{"customDimensions":{"survey_assets":"nearly $500 billion in investable assets","survey_respondents":"more than 200 single-family offices","wealth_transfer_usd":"$124 trillion (2024-2048, per Cerulli)"}},"named_entities":{"people":[{"name":"Armando Senra","role":"Head of the Americas Institutional Business at BlackRock"},{"name":"Jessica Bulen","role":"Head of U.S. Family Capital, Endowments, Foundations and Healthcare at BlackRock"}],"products":["BlackRock 2026 Family Office Survey"],"companies":[{"name":"BlackRock","ticker":"BLK","relationship":"filer / survey author"},{"name":"Preqin","relationship":"survey partner"}],"dollarAmounts":[{"amount":"$124 trillion","context":"estimated wealth transfer to heirs and charities 2024-2048"},{"amount":"$500 billion","context":"investable assets represented by surveyed family offices"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-21T12:00:18.111Z","global_importance":12,"audience_relevance":25,"importance_components":{"tickerTier":"mega-cap","eventGravity":"thought-leadership survey, no financial disclosure","issuerAuthored":true,"householdBrandBoost":true}},"durationMs":8262,"modelName":"glm-5.3-flashx"}}