Cover Global investment firm Cambridge Associates has been managing wealth for some of the most sophisticated families in the world for over forty years
Global investment firm Cambridge Associates has been managing wealth for some of the most sophisticated families in the world for over forty years
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As Asia’s wealth grows more complex, families are increasingly turning to Cambridge Associates’ outsourced chief investment officer (OCIO) services for clarity and agility in investment decisions—preserving control while strengthening their ability to build enduring, multi-generational legacies
Across Asia, private wealth is growing at unprecedented speed, accompanied by a multi-trillion-dollar transfer from one generation to the next. With this growth comes the complexity of safeguarding it: markets move faster, private and public opportunities demand nuanced due diligence, and implementation and administrative requirements can feel daunting.
For many families of significant wealth, the idea of delegating investment decisions is counterintuitive—risky, even. “For many Asian families, the primary source of wealth is from their businesses, which may have been built by the principal from scratch and managed with a hands-on approach,” notes Ming Yan, managing director and outsourced chief investment officer (OCIO) at Cambridge Associates, a global investment firm with over 50 years of institutional investing experience building customised investment portfolios for families and institutional investors such as endowments, foundations and pensions. The firm has over US$600 billion in assets under management and advisement.
“Those who are used to being in the driver’s seat can face difficulty with the idea of relinquishing control.” But today’s investment landscape demands a different approach—one that preserves strategic control while leveraging institutional-grade expertise for day-to-day execution.
Above Ming Yan, managing director and outsourced chief investment officer at Cambridge Associates
Ming Yan, managing director and outsourced chief investment officer at Cambridge Associates
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The shift from management to stewardship
Delegation has become a strategic way for principals to strengthen their long-term financial positions. Long established in the West but still nascent in Asia, the OCIO model (also known as discretionary model) has emerged as a strategic solution for principals and family offices seeking clarity, continuity, and long-term stability in their portfolios. Cambridge Associates, an early pioneer and global leader in this space, has seen a marked shift in how Asian families are thinking about delegation, governance, and legacy.
The OCIO model reframes control by distinguishing what families should hold on to, and what they can confidently delegate. “True control lies in shaping the investment policy, risk parameters, and long-term vision, while leveraging professional expertise from firms for execution,” says Yan. “[An OCIO] allows them to remain focused on their goals, and explore other priorities that are in line with their values.”
A customised, long-term view
Some families have the misconception that OCIOs function as a “black box” with limited visibility into inner workings such as investment decisions or risk management. On the contrary, families have access to regular detailed reporting, investment analytics, and strategic discussions, which often offer more clarity than if they were to manage their portfolios directly.
It’s also worth noting that OCIO platforms can still differ significantly in terms of their underlying structures. “Unlike many OCIOs that implement portfolios in multi-client pooling products, Cambridge Associates builds bespoke portfolios as separately managed accounts,” shares Yan. “Families own their investments directly, and likewise have the same access to relationships with the underlying managers in which they invest.”
Yan observes that the advantage of this approach extends to tailored investment mandates—a crucial differentiator within the market—which starts right at onboarding, when the firm assesses each client’s unique characteristics “[including] their family dynamics, legacy assets, and long-term goals.”
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Equally important is the role this structure plays in succession planning. In some Asian family offices, key investment knowledge sits with a single senior family member, which may create vulnerability during transitions. Yan opines that an OCIO can play a pivotal stabilising role by helping to preserve institutional memory and maintain rigor during transitions. Through institutionalised discipline, documentation, and strategic continuity, an OCIO ensures the family’s investment philosophy remains coherent and resilient even as stewardship passes from one generation to the next.
Above Cambridge Associates’ OCIO model is designed to focus on the key drivers of long-term investment success for families
Cambridge Associates’ OCIO model is designed to focus on the key drivers of long-term investment success for families
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Governance: The quiet foundation of stability
As families grow across generations, priorities shift and perspectives broaden. Differing levels of experience across family members can create misalignment, especially when decision-making structures are informal. Governance, in this context, becomes the foundation for long-term stability, clarity, and harmony.
Yan shares that governance challenges are both common and consistently underestimated. Citing recent findings from a Cambridge Associates survey of next-gen family office members, she notes that many struggle with “managing family expectations and finding [their] own purpose and meaning”. Without a clear decision-making framework, these challenges can intensify, leading to fragmented processes or emotional reactions.
An OCIO provides the structure and objectivity needed to counter these risks. Yan explains that such a framework helps “minimise emotional biases—such as fear during market downturns—ensuring that investment decisions are consistently aligned with long-term goals and strategic priorities.”
By serving as a stabilising force and a neutral bridge, an OCIO can help families translate diverse perspectives into a unified long-term strategy and ensure that family values remain at the heart of the investment strategy.
Agility in a fast-moving world
Even with strong governance, modern markets demand agility that families can struggle to achieve independently. Investment windows close quickly; private market opportunities are increasingly competitive; and delayed decisions can translate into lost opportunities for returns.
OCIO-led families, however, can move decisively. Yan recalls the early days of Covid-19 when OCIO portfolios were able to rebalance swiftly, capture distressed opportunities, and manage liquidity far more effectively than those without proper investment governance. The result? Capital protection at critical moments and better positioned portfolios to capture market recoveries. She notes that this advantage extends to private markets as well—from rapid responses to secondary opportunities to timely adjustments in fund pacing and allocation.
In volatile environments, agility becomes a form of protection—and a platform for outperformance.
Our role is to strengthen the resilience of the family enterprise and preserve its legacy—today, and for generations to come.
A framework for legacy
For many Asian families, wealth is not simply financial capital; it is identity, continuity, and responsibility. The OCIO model supports this by providing the clarity, structure, and expertise families need to navigate an increasingly demanding landscape—while empowering them to channel their time and energy into what truly matters.
By combining transparency, personalised mandates, rigorous governance, and institutional-grade agility, a gold-standard OCIO operates as an extension of the family office itself. As Yan aptly sums it up, “Our role is to strengthen the resilience of the family enterprise and preserve its legacy—today, and for generations to come.”
Discover how Cambridge Associates’ OCIO solutions can support your family’s long-term goals. Visit www.cambridgeassociates.com/en-as to learn more.
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Images: Cambridge Associates
