The ultra-wealthy are allocating more of their money to equities and less to hedge funds and real estate this year, a survey of family offices published on Wednesday found. Equities accounted for 27.1 percent of the average family office portfolio, the survey from UBS Wealth Management and Campden Research said. Equities allocation rose about 1.6 percentage points against the prior annual report for the global composite assembled from multi-year respondents. Alternative investments, meanwhile, saw an overall 3.7 percentage point decrease. That category includes direct real estate purchases and hedge funds. The survey included 262 online surveys with family offices globally, conducted between February and May, with the average office managing around $921 million.