Greycourt, which has $9 billion in assets under advisement from ultra high net worth families, only uses external third-party managers, but has seen an increase in clients coming to the firm with an existing portfolio of external managers.

“We’re being opportunistic in real estate, distressed debt and short-biased REITs . In commodities, we’re betting on volatility, using a couple of managers to focus on that area," Greycourt managing director Erik Haskel was quoted as saying.

Greycourt has recently commented on the Dodd-Frank Wall Street Reform and Consumer Regulation Act and the legislation's impact on the family offices sector, arguing that the rules are vague on what a family office is for the purpose of regulatory oversight by the Securities & Exchange Commission.

The firm is headquartered in Pittsburgh, Pennsylvania. The firm did not reply to a call from Family Wealth Report at the time of going to press.