In this conversation from the Family Offices & Asset Management Summit 2026, Christian Subbe,
CIO of HQ Trust, shares his disciplined approach to structuring multi-generational portfolios within one of Germany’s largest independent multi-family offices.
Rather than starting with products or market trends, he explains why portfolio construction must begin with clarity of objectives : wealth preservation, liquidity constraints, inflation protection and intergenerational transfer.
In this interview, he discusses why private markets remain a structural allocation, how additional liquidity in new vehicles may impact expected returns, and why risk must be differentiated between volatility, permanent capital loss and opportunity cost.
A rigorous conversation on resilience, governance and long-term capital stewardship in family office investing.
