Managers who invest the money of the world's super-rich have been pulling out of hedge funds and increasing their allocation to private equity and private debt, a new survey found. The UBS and Campden Research survey of 242 family offices globally found that there was a 0.9 percentage-point decrease in allocation to hedge funds and a 2.3 percentage-point increase in allocations to private equity. Family offices are the investment houses that manage money for ultra-wealthy family groups. "Ultimately families are patient investors," said Dominic Samuelson, CEO of Campden Wealth, citing two...