Most family offices have an investment policy. Few check whether the actual holdings still match it.
The policy sits in a file. The portfolio moves. Over time the book drifts: too much in one market, one sector, one manager, one currency, or one name. The deviation is usually noticed after the fact.
KIF Consultancy reviews the holdings against the policy and the constitution, and reports the gaps on a regular basis.
This is research and monitoring. It is not a brokerage account and not a discretionary mandate.
The problem
A family office typically has:
- A written investment policy or constitution
- A listed book that changes every month
- External managers whose holdings overlap
- No routine file that shows policy versus actual
- Decisions that accumulate until the allocation no longer looks like the document the board signed
The policy is not the issue. The missing check is.
What the service is
KIF maps current holdings to the rules the family already agreed:
- Asset class limits
- Geographic limits
- Sector and theme limits
- Single-name concentration
- Currency exposure
- Liquidity rules
- Permitted and excluded instruments
- Manager and strategy constraints, where written
The output is a deviation report. It states what is inside the policy, what is outside, and by how much.
It does not rewrite the policy. It does not size positions. It does not place trades.
What clients receive
- A policy-versus-holdings map — each line in the policy checked against the live book.
- A deviation report — breaches, near-breaches, and items that need a written exception.
- A short note on each material gap — what changed, when it changed, and what the policy says.
- A regular cycle — monthly or quarterly, as agreed.
- One call to walk through the file. Time zones by agreement.
Delivery by the last business day of the period. Original work. English. PDF.
What this is not
Not a buy list.
Not a trade ticket.
Not position-sizing advice.
Not tax, legal or custody work.
Not a substitute for the family’s own investment committee.
The job is narrower: show whether the book still matches the constitution.
Why it matters
Deviation is rarely one decision. It is many small ones.
A new manager slips in a sector the policy capped. A listed winner grows past the single-name limit. Cash sits above the range. A regional sleeve shrinks because no one rebalanced. The document still says one thing. The holdings say another.
A regular alignment file makes the gap visible while it is still a discussion, not a post-mortem.
How work starts
Send the investment policy or constitution and the current holdings list.
KIF returns a sample monitoring note on request.
Then a 20-minute call if the sample is useful.
KIF Consultancy
Independent equity research and portfolio monitoring.
Dubai. Clients worldwide.
Coverage: United States, Europe, China, Japan, South Korea.
Research and information only. Not personalised investment advice unless expressly agreed under the licence and engagement letter. Past analysis is not a guarantee of future results.
Frequently Asked Questions
1. Is an investment policy alignment review the same as investment advice?
The proposed review is intended to compare a dated holdings snapshot with limits and rules already written in the family’s approved investment policy. It does not determine investment suitability or recommend buying, selling or sizing positions. However, regulatory treatment depends on the substance of the service and the relevant jurisdiction. Any engagement must remain within KIF Consultancy’s valid regulatory and professional permissions.
2. Does an identified deviation mean that an asset must be sold?
No. A reported deviation is not an automatic trade instruction. The report identifies a potential difference between the portfolio snapshot and the written policy. The family’s investment committee or other authorised decision-makers must decide whether an exception, further review or another action is appropriate.
3. What documents are required for the review?
The family office would normally need to provide the latest approved investment policy, relevant written amendments, a dated holdings report, cash and currency balances, external-manager statements and details of any approved exceptions. Missing information or unavailable look-through data should be clearly identified in the report.
4. How frequently can policy alignment be reviewed?
A review may be conducted monthly or quarterly, depending on the agreed scope, portfolio structure and availability of current information. The reporting date, document-submission deadline and delivery schedule should be stated in the engagement letter. The service should not be described as real-time monitoring unless that capability is expressly agreed and legally permitted.
5. Does KIF Consultancy require access to brokerage or custody accounts?
A documentary alignment review should not require brokerage passwords, custody credentials or authority to execute transactions. The review should be based on reports and records securely supplied by the client. KIF Consultancy would not hold assets, place trades or exercise authority over the portfolio as part of this proposed scope.
